U.S. Wheat Futures Mixed: HRW Strength vs SRW Weakness
U.S. wheat futures ended the day uneven, with Hard Red Winter (HRW) contracts firming on strong Plains basis while Soft Red Winter (SRW) slipped on weaker Chicago demand. Export demand held steady as traders monitored spreads, freight rates, and Black Sea flows ahead of the next USDA WASDE report.
Weekly Export Inspections: SRW Leads Shipments, HRS Lags
USDA data shows Soft Red Winter (SRW) wheat leading U.S. export shipments, while Hard Red Spring (HRS) lags seasonal averages. Gulf loadings improved week-over-week, though Mediterranean demand remains soft. U.S. competitiveness faces continued pressure from Black Sea and Australian wheat exports.
Fertilizer, Diesel & Freight Tracker: Margins Under Pressure
Wheat farm margins are squeezed as nitrogen fertilizer prices remain firm, diesel fuel costs climb, and ocean freight rates ease slightly with a softer Baltic Dry Index. These cost shifts directly impact farmgate breakevens and export competitiveness in global wheat markets.
The Wheat Weekly Report offers a comprehensive view of SRW, HRW, and HRS price action, basis spreads, input cost ratios, and export scorecards. Insights include trade levels for millers, exporters, and grain merchandisers. Read full report
