Wheat Falls Double Digits to Start the Week

The three wheat markets closed with weakness on Monday, as contracts were pushed lower to start the week. Chicago SRW futures posted 10 to 11 cent losses. KC HRW futures were 12 to 13 cents lower to kick off the week. MPLS spring wheat saw weakness of 10 to 11 cents.

The next week is expected to be drier for the most part, with the Plains seeing little precipitation. Areas in the SRW country see better odds for precipitation.

Individual state crop reports are being released, with the national Crop Progress report starting in a weekly basis in April. Kansas will be out starting next week, with Texas ratings at 37% gd/ex, up 4% from last week, with the Brugler500 rating up 4 to 304. Oklahoma ratings were down 6% from the end of January at 34%, as the Brugler500 index was down 10 to 307.

The weekly Export Inspections report showed a total of 375,546 MT (13.8 mbu) of wheat exported in the week that concluded on February 20. That was 50.14% above than the previous week but still 22.09% below the same week in 2024. Mexico was the largest destination of 105,451 MT, with 68,284 MT to South Korea. Shipments so far in the marketing year have totaled 15.225 MMT (559.4 mbu), a 20.71% increase from the same week last year.  

This article has been republished from The Nasdaq.