Wheat bulls are pushing back on Friday morning, with contracts higher across the three markets. The wheat market was in free-fall on Thursday, with losses across the three exchanges. Chicago SRW futures were 17 to 20 cents lower at the close. Today is first notice day for March futures, with 466 deliveries issued overnight. KC HRW futures posted 13 to 14 cent losses on Thursday. There were 314 deliveries issued against March KC wheat on FND. MPLS spring wheat was also under pressure, with losses of 12 to 13 cents.
President Trump’s 25% tariffs on Mexico and Canada are still set for a March 4 start date after some back and forth this week.
Export Sales data for the week that ended on February 20 showed just 269,008 MT in wheat sales reported for 2024/25. That was a 5-week low. Total commitments are now at 20.144 MMT, which is 87% of USDA’s export forecast and lagging the 95% average sales pace. New crop bookings were at just 5,000 MT on the low side of estimates.
FranceAgriMer estimates the French soft wheat crop at 73% gd/ex, which is down from 74% last week. The durum wheat crop was also back 1% to 82% gd/ex.
Mar 25 CBOT Wheat closed at $5.46 3/4, down 19 1/4 cents, currently up 3 3/4 cents
May 25 CBOT Wheat closed at $5.62 1/2, down 17 1/4 cents, currently up 6 3/4 cents
Mar 25 KCBT Wheat closed at $5.71 1/4, down 13 3/4 cents, currently up 3/4 cent
May 25 KCBT Wheat closed at $5.85 1/4, down 13 1/4 cents, currently up 4 1/2 cents
Mar 25 MGEX Wheat closed at $5.87, down 12 1/2 cents, currently up 2 cents
May 25 MGEX Wheat closed at $6.04 3/4, down 13 cents, currently up 2 1/2 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.
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