The wheat complex held on for marginal gains to head into the long weekend. Chicago SRW futures saw fractional to 2 cent gains on the day, with May down 6 ¾ cents on the week. KC HRW futures were 2 to 3 1/2 cents higher on Thursday, as May fell 17 cents this week. MPLS spring wheat was 3 to 4 ¾ cents in the green, with May up 1 ½ cents this week. Crude Oil was up $11.94 at $112.06, after 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. The market is closed on Friday in observance of Good Friday. The Monday session will have a normal Sunday night open.
Export Sales data from Thursday showed just 23,521 MT of old crop wheat sold in the week of 3/26. That was a marketing year low. Mexico has net cancellations to 56,200 MT, with unknown seeing net reductions of 60,100 MT, likely switched to a destination. New crop business was pegged at 272,839 MT, a marketing year high for the 2026/27 crop year. Mexico was the top buyer of 172,200 MT, with 65,000 MT sold to South Korea.
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 closed at $5.98 1/4, up 3/4 cent,
Jul 26 CBOT Wheat closed at $6.09 1/2, up 3/4 cent,
May 26 KCBT Wheat closed at $6.15 3/4, up 2 cents,
Jul 26 KCBT Wheat closed at $6.31, up 2 3/4 cents,
May 26 MIAX Wheat closed at $6.47 3/4, up 4 3/4 cents,
Jul 26 MIAX Wheat closed at $6.61 1/2, up 3 3/4 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.
