Wheat Rally Holds Up on Monday on US/China Trade Numbers

The wheat market was sharply higher across all three exchanges on Monday, following a White House fact sheet release over the weekend. Chicago SRW futures were 17 ¾ to 28 ¾ cents higher across the board. KC HRW futures were 13 to 16 ¼ cents in the green at the close. MPLS spring wheat was up 16 ¼ to 18 ¼ cents on the day.Crop Progress data showed the US spring wheat crop at 73% planted, now 7 percentage points ahead of the 5-year average pace of 66%. Emergence was pegged at 39%. The winter wheat crop was at 71% headed, which was 13 percentage points head of normal. Condition ratings were down 1% to 27% gd/ex. The Brugler500 index was down 6 points to 271. Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis.Export Inspections data showed wheat at 223,972 MT (8.23 mbu) shipped in the week that ended on May 14. That was down 56.23% from last week and a 48.08% drop from the same week last year. The Philippines was the top destination of 65,999 MT, with 65,465MT to Mexico and 34,808 MT to Japan. Marketing year shipments have totaled 23.099 MMT (848.73 mbu), which is up 11.32% yr/yr.On Sunday, the White House released a fact sheet on the US/China talks from last week, in part stating that “China will purchase at least $17 billion per year of U.S. agricultural products in 2026 (prorated), 2027, and 2028, in addition to the soybean purchase commitments that it made in October 2025.”Jul 26 CBOT Wheat closed at $6.64 1/2, up 28 3/4 cents,Sep 26 CBOT Wheat closed at $6.77 3/4, up 28 cents,Jul 26 KCBT Wheat closed at $7.03 3/4, up 15 3/4 cents,Sep 26 KCBT Wheat closed at $7.13 3/4, up 16 1/4 cents,Jul 26 MIAX Wheat closed at $7.03 1/4, up 18 cents,Sep 26 MIAX Wheat closed at $7.24, up 18 1/4 cents, On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. More news from Barchart Grain and Cotton Bulls Are Eating ‘Humble Pie’ After Selloff, But They’re Still in Charge of Prices Corn Prices Are Headed Higher. The Bulls Are in Control. Buy Corn Here If You Agree That Grains Will Be the Next Commodities to Rocket Higher Like Silver The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.