The wheat complex saw higher trade on Wednesday. Chicago SRW futures were 3 to 4 cents in the green on Wednesday. Open interest rose 9,021 contracts, suggesting new buying. KC HRW futures were up 4 to 5 cents in the front months. MPLS spring wheat was up 3 cents in the front months on Wednesday. Crude oil is up another $6.06 this morning.
The next 7 days look on the drier side for much of the Southern Plains, with the eastern half of the country and SRW area looking wetter.
Weekly Export Sales data will be out on Thursday, as traders are looking for between 200,000 and 450,000 MT in old crop wheat sales. New crop is estimated at 0-60,000 MT.
FranceAgrimer estimates from Wednesday morning showed French soft wheat stocks at 3.39 MMT, up 340,000 MT from the previous number. Expana trimmed their export forecast for EU soft wheat by 0.5 MMT to 27.1 MMT. Prediction for 2026/27 was up 0.3 MMT to 128.6 MMT.
Mar 26 CBOT Wheat closed at $5.88 1/2, up 3 3/4 cents, currently unch
May 26 CBOT Wheat closed at $5.94 3/4, up 3 3/4 cents, currently up 8 1/4 cents
Mar 26 KCBT Wheat closed at $6.01 1/2, up 4 3/4 cents, currently unch
May 26 KCBT Wheat closed at $6.13 1/2, up 4 3/4 cents, currently up 6 1/4 cents
Mar 26 MIAX Wheat closed at $6.25 1/4, up 3 cents, currently unch
May 26 MIAX Wheat closed at $6.38, up 3 cents, currently up 6 cents
