April 28, 2026 — Wheat futures held onto gains on Monday, April 27, as the U.S. Department of Agriculture (USDA) reported that winter wheat condition ratings remained unchanged. Chicago Soft Red Winter (SRW) wheat led the rally, with May 2026 contracts closing at $6.21 1/2 per bushel, up 13 1/4 cents.
The broader wheat complex showed strength across most contracts. Kansas City Hard Red Winter (HRW) futures rose 5 1/2 to 8 1/4 cents, while Minneapolis spring wheat ended the session steady to 1 3/4 cents higher.
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Export Inspections Drop Sharply
USDA data released Monday showed export inspections for the week ending April 23 totaled 365,156 metric tons (13.42 million bushels). That marks a 29.53% decline from the previous week and a 43.84% drop compared to the same period last year.
The Philippines was the top destination, receiving 84,898 metric tons. Japan took 84,134 metric tons, and South Korea imported 54,999 metric tons. For the current marketing year, total shipments have reached 21.856 million metric tons (716.56 million bushels), down 24.7% year-over-year.
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Industry watchers note that the sustained decline in exports could pressure prices if demand from key buyers does not recover in the coming weeks.
Crop Progress Data Shows Mixed Signals
The USDA’s weekly Crop Progress report, also released Monday, revealed that 19% of the U.S. spring wheat crop has been planted. That pace trails the five-year average of 22% by three percentage points. Emergence was pegged at 5%.
Winter wheat conditions remained unchanged at 30% good-to-excellent, but the Brugler500 index slipped three points to 287. The index drop reflected a 2% shift from fair to poor and very poor categories. The winter wheat crop is 34% headed, which is 13 percentage points ahead of the normal pace.
This suggests that while early development is progressing faster than usual, the underlying quality may be declining in some regions.
Saudi Arabia Buys 985,000 Metric Tons
In a notable tender overnight, Saudi Arabia purchased a total of 985,000 metric tons of wheat. The large purchase signals strong international demand, which may help offset some of the weakness in U.S. export data.
Analysts say the Saudi buy could provide a floor for prices in the near term, especially if other importers follow suit.
Contract Settlements
Here are the closing prices for key wheat contracts on Monday:
- May 26 CBOT Wheat: $6.21 1/2, up 13 1/4 cents
- Jul 26 CBOT Wheat: $6.29 3/4, up 13 cents
- May 26 KCBT Wheat: $6.67 1/4, up 8 1/4 cents
- Jul 26 KCBT Wheat: $6.75 1/4, up 5 1/2 cents
- May 26 MIAX Wheat: $6.76, unchanged
- Jul 26 MIAX Wheat: $6.95 1/2, up 1 1/4 cents
The data was provided by Barchart. On the date of publication, the author did not hold positions in any of the securities mentioned.
What This Means for Traders
The combination of steady domestic crop ratings, declining exports, and a large Saudi purchase creates a mixed picture for wheat markets. Traders will likely focus on upcoming weather forecasts and the next round of export data to gauge near-term direction.
For more details, view the original report from Barchart.
This article was produced with AI assistance and reviewed by our editorial team for accuracy and quality.
