Wheat Market Update: Prices on the Rise
The wheat market is experiencing a rebound after a dip seen on Thursday, with contracts recording significant gains across all three trading platforms. This recovery comes as the USDA’s outlook appears slightly more bearish than anticipated. Specifically, Chicago Soft Red Winter (SRW) futures have increased between 16 to 18 cents for the nearby contracts. Meanwhile, Kansas City Hard Red Winter (HRW) contracts are up by 12 to 14 cents during today’s session. In contrast, Minneapolis Spring Wheat is seeing losses, with prices down by 13 to 15 cents by the end of trading.
According to the latest USDA Export Sales figures released on Thursday, the total wheat export figures stand at 21.55 million metric tons (MMT). This total accounts for approximately 96.55% of the new USDA export projections, indicating a strong performance compared to the five-year average of 102%. Additionally, cumulative export shipments are at 17.3 MMT, which translates to 77.5% of the latest USDA target, lagging behind the established five-year average pace of 83%.
On the European side, French soft wheat crop ratings have been recorded at 75% classified as good or excellent. This marks a slight decrease of 1% from the previous week, based on data provided by FranceAgriMer.
As for specific pricing, May 2025 Chicago Board of Trade (CBOT) wheat has risen to $5.56, marking an increase of 18 cents. For July 2025 CBOT wheat, the price has reached $5.70 and a quarter, up by 16 and three-quarter cents. Kansas City Board of Trade (KCBT) May 2025 wheat is trading at $5.71 and three-quarter cents, showing an uptick of 13 and three-quarter cents, while July 2025 KCBT wheat has increased to $5.85 and a quarter, up by 12 and a quarter cents. Over at the Minneapolis Grain Exchange (MGEX), May 2025 wheat is priced at $6.17, registering a rise of 15 cents, and July 2025 MGEX wheat is at $6.30 and a quarter, up by 13 and three-quarter cents.
The recent trends indicate an active market environment for wheat, influenced by various factors including export sales and crop conditions. As traders and investors keep an eye on these dynamics, price fluctuations are expected to persist as the market responds to evolving conditions both domestically and internationally.
This update serves to inform stakeholders about price movements and market conditions in the wheat sector, offering insights into the current state of one of the world’s most essential crops.
