Wheat Market Update: Futures Prices Rise Ahead of Good Friday
The wheat markets are experiencing a positive shift, with futures contracts showing gains across the board on Thursday. Chicago Soft Red Winter (SRW) wheat futures have increased by 4 to 5 cents, while Kansas City Hard Red Winter (HRW) contracts are up by 1 to 3 cents at midday. In the Minneapolis Grain Exchange, spring wheat prices have risen by 2 to 4 cents. With Good Friday approaching, trading will pause on Friday, making today the final trading opportunity for the week.
Recent export sales figures indicate that a total of 76,497 metric tons (MT) of wheat were sold for the week ending April 10. This aligns with expectations, which had predicted net sales could range from a reduction of 100,000 MT to net sales of 200,000 MT for the previous crop. Notably, the Dominican Republic purchased 30,700 MT, and 25,800 MT went to Venezuela. New crop sales were promising as well, coming in at 276,864 MT, which was on the higher end of projections ranging from 0 to 300,000 MT. Among the purchasers, Mexico secured 142,300 MT, while Japan acquired 58,900 MT.
SovEcon has revised its forecast for the 2025 Russian wheat crop, estimating it at 79.7 million metric tons (MMT), which represents a 1.1 MMT increase from earlier assessments. The winter wheat harvest is expected to rise by 1.5 MMT to reach 52.2 MMT. Additionally, Algeria has made a significant purchase, tendering for at least 600,000 to 630,000 MT of wheat on Wednesday.
Current Wheat Futures Prices
As of the latest updates, here are the trading prices for various wheat futures:
- May 2025 CBOT Wheat is priced at $5.52 ¼, marking an increase of 4 ½ cents.
- July 2025 CBOT Wheat is at $5.65 ¾, with a rise of 4 ¾ cents.
- May 2025 KCBT Wheat is trading at $5.60 ½, up by 2 ½ cents.
- July 2025 KCBT Wheat is positioned at $5.73 ¾, showing a gain of 1 ½ cents.
- May 2025 MGEX Wheat stands at $6.06 ¼, increasing by 2 ½ cents.
- July 2025 MGEX Wheat is at $6.20 ¼, reflecting an upswing of 3 ¼ cents.
This uptick in wheat prices can be attributed to a combination of favorable export sales data and revised production estimates. With the agricultural landscape impacted by various factors, it is essential for stakeholders in the wheat sector to stay informed on market trends and price movements.
Overall, the wheat market demonstrates resilience as it navigates the challenges posed by changing weather patterns, international trade dynamics, and evolving consumer demand. As traders and producers prepare for the upcoming trading sessions, close attention to price fluctuations and export reports will be vital for making informed decisions in this fluctuating market.
