Wheat Futures Rally as Planting Lags and Exports Decline

The wheat market opened the week on a positive note, with gains across key contracts. Chicago SRW wheat futures closed Monday with increases of 5½ to 9½ cents, while KC HRW futures rose 4 to 7 cents. MPLS spring wheat saw the largest gains, closing 7½ to 10½ cents higher.

Weekly NASS Crop Progress data revealed that only 36% of the winter wheat crop had been planted as of Sunday, trailing the 5-year average by 10 percentage points. Emergence stood at 16%, indicating a slower-than-usual planting pace.

Monday’s Export Inspections report showed wheat shipments of 302,356 metric tons for the week of October 1, a 10.29% decrease from the previous week and 48.95% below the same week last year. The Philippines was the top destination, receiving 63,280 metric tons, followed by Bangladesh and Taiwan. The marketing year total now stands at 6.672 million metric tons, which is 35% below the same period last year.

Overnight, Saudi Arabia filled its wheat tender with total purchases of 683,000 metric tons. Key wheat futures contracts also saw gains, with Dec 26 CBOT Wheat closing at $6.92¼, up 9¼ cents, and Mar 27 CBOT Wheat at $7.06¼, up 9½ cents.