The wheat complex is showing gains so far on Thursday as the market looks to a three-day weekend. Chicago SRW futures are showing penny gains in the front months at midday. KC HRW futures are 5 to 6 cents higher on Thursday. MPLS spring wheat was us back up 3 to 4 ½ cents in the front months. Crude Oil is up $10.54 higher at midday, following President Trump’s address the nation on Wednesday night that indicated 2-3 weeks more of strikes and an uncertain fate to the Strait of Hormuz. Thursday will be the last trade day for the week as the markets are off for Good Friday.
The 7-day forecast calls for heavy rains SRW country as well as the eastern portions of the Southern Plains, with the western half on the lighter side with less than a half inch expected.
Export Sales data from this morning showed just 23,521 MT of wheat sold in the week of 3/26, well below the trade range of estimates at 200,000 and 500,000 MT for old crop wheat. That was a marketing year low. New crop business was on the higher end of the estimates of 100,000 to 300,000 MT at 272,839 MT. That was a marketing year high for the 2026/27 crop year.
Monthly Census trade data saw a total of 1.94 MMT of wheat shipped in February, a 6-year high for the month and 26.69% above January.
May 26 CBOT Wheat is at $5.98 1/2, up 1 cent,
Jul 26 CBOT Wheat is at $6.09 3/4, up 1 cent,
May 26 KCBT Wheat is at $6.19, up 5 1/4 cents,
Jul 26 KCBT Wheat is at $6.34 1/4, up 6 cents,
May 26 MIAX Wheat is at $6.46 1/2, up 4 1/2 cents,
Jul 26 MIAX Wheat is at $6.60 1/2, up 3 3/4 cents,
