The wheat complex found some renewed strength on Thursday. Chicago SRW futures were 4 ½ to 7 ¼ cents higher in the front months on the day. KC HRW futures saw 4 to 9 cent gains on the Thursday session. MPLS spring wheat was up 4 ¼ to 5 cents in the green at the close.
Weekly Export Sales from this morning showed 397,245 MT in wheat bookings in the week of March 19. That was more than double the week prior and nearly 4 times the same week last year. The Philippines was the top buyer of 69,700 MT, with 67,800 MT sold to Taiwan, and 63,700 MT to Mexico. New crop sales were tallied at 205,750 MT, which was a slight drop from last week. South Korea was the top buyer of 81,000 MT, with 56,000 MT sold to the Philippines.
March Intentions data will be out on Tuesday, as traders are looking for 44.79 million acres of wheat this year, down 544,000 acres from a year ago if realized.
European Commission data estimates EU ending stocks at 11 MMT for 2026/27, which would be down 14.7 MMT from last year. That comes with production seen down 8.3 MMT to 125.9 MMT. Algeria purchased a total of an estimated 690,000 MT of wheat in a tender on Thursday.
May 26 CBOT Wheat closed at $6.05, up 7 1/4 cents,
Jul 26 CBOT Wheat closed at $6.15 3/4, up 7 cents,
May 26 KCBT Wheat closed at $6.26 3/4, up 9 cents,
Jul 26 KCBT Wheat closed at $6.41 1/4, up 8 1/4 cents,
May 26 MIAX Wheat closed at $6.45, up 4 1/4 cents,
Jul 26 MIAX Wheat closed at $6.59 1/4, up 5 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.
