Tidbits, Wheat Lows, Crop Progress, ENSO, Export Inspections 4/29/25
- Wright team
- Apr 29
- 4 min read
Tidbits
Today is the day to liquidate all May long futures positions and basis contracts to avoid any chance of delivery on May futures.
Both classes of winter wheat made new contract lows in the new crop contracts yesterday. New crop spring wheat traded within 5¢ of its contract low and settled 8¢ above the 28 March low.
Wheat used to trade inversely of the dollar index, but not this spring. The dollar index is down 11% from its 13 January high and just 1% above its low made last Wednesday. A year ago this date, it was 6% higher.
Even though yesterday’s USDA wheat export inspections were a seven-month high and the dollar index was down 60 basis points on the day, the market did expect a substantial improvement in U.S. winter wheat crop conditions, but certainly not enough to justify the losses seen in the futures market yesterday.
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