Wheat futures showed losses across most contracts on Apr. 18, with Chicago soft red winter wheat down by 9 to 10 cents and Kansas City hard red winter wheat lower by 5 to 6 cents at midday. Minneapolis spring wheat was steady or a penny lower. The declines came as crude oil prices also fell sharply after Iran agreed to open the Strait of Hormuz.
The market movements come amid new export sales data showing total commitments for old crop wheat at 24.54 million metric tons, slightly above projections from the United States Department of Agriculture and in line with the average pace, according to Thursday’s report. Shipments have reached 20.69 million metric tons, representing about 84 percent of USDA’s target and matching typical shipping rates.
Weather remains a key factor for producers, with the National Oceanic and Atmospheric Administration forecasting little precipitation over much of western Kansas through the Texas panhandle in the coming week. Rain is expected in parts of eastern Kansas as well as Illinois and Indiana over the next several days.
In France, FranceAgriMer estimates that soft wheat crops are rated at 84 percent good to excellent, unchanged from last week’s assessment; durum wheat stands at an estimated 81 percent good to excellent.
Legacy Farmers Cooperative serves agricultural producers in ten counties across northwest Ohio according to its official website. The cooperative operates grain centers, agronomy sites, fuel stations and retail locations throughout this region according to its official website. Legacy Farmers Cooperative is structured as a member-owned cooperative according to its official website with more than 150 employees working across various divisions according to its official website. It supports community initiatives including agricultural education programs such as FFA and scholarships according to its official website.
May CBOT Wheat closed at $5.89½ per bushel (down nine cents), while July CBOT Wheat ended at $5.96½ (down ten cents). May KCBT Wheat finished at $6.36¾ (down six cents) and July KCBT Wheat closed at $6.49¾ (down five-and-a-quarter cents). May MIAX Wheat settled one cent lower at $6.51¾; July MIAX was unchanged at $6.67.
