Wheat Pops Higher on Export Business
Wheat posted Thursday gains across the three markets at the close. Chicago SRW futures were up 3 to 4 cents in the front months. KC HRW futures posted 6 to 8 cent gains on the session. MPLS spring wheat was 2 to 4 cents in the green to round out the day..
Export Sales data from this morning indicated a 7-week high in wheat sales for old crop at 569,561 MT in the week that ended on February 6 That was up 29.78% from the previous week and 63.06% larger than the same week last year. Mexico was the buyer of 127,600 MT, with 84,400 MT sold to South Korea. Sales for the 2025/26 crop totaled 36,831 MT.
EU wheat production is expected to total 127.7 MMT according to the latest estimate from Strategie Grains, up 0.5 MMT from the previous number.
Algeria purchased wheat in a tender on Wednesday, with estimates of now showing purchases in range of 360,000 to 480,000 MT, below what was previously reported. Saudi Arabia has tendered for a total of 595,000 MT of wheat on Thursday, with offers dues on Friday. Taiwan has also issued a tender to buy 102,450 MT of US wheat, with the deadline set for next Thursday.
Mar 25 CBOT Wheat closed at $5.77 3/4, up 3 1/2 cents,
May 25 CBOT Wheat closed at $5.92, up 4 cents,
Mar 25 KCBT Wheat closed at $5.98 1/4, up 6 3/4 cents,
May 25 KCBT Wheat closed at $6.09 1/2, up 7 1/2 cents,
Mar 25 MGEX Wheat closed at $6.16 3/4, up 2 cents,
May 25 MGEX Wheat closed at $6.31 1/2, up 3 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.