The wheat complex is trading with gains across the three main markets on Thursday. Chicago SRW futures are posting 2 to 3 cent gains in the front months. KC HRW futures are trading with 5 to 6 cent gains at midday. MPLS spring wheat is trading with slightly 1 to 2 cent gains so on the session.
USDA Export Sales data from this morning showed a 7-week high in wheat business at 569,561 MT, on the high end of the 200,000 to 600,000 MT estimates for 2024/25 sales in the week that ended on February 6. That was up 29.78% from the previous week and 63.06% larger than the same week last year. Mexico was the buyer of 127,600 MT, with 84,400 MT sold to South Korea. Sales for the 2025/26 crop totaled 36,831 MT.
EU wheat production is expected to total 127.7 MMT according to the latest estimate from Strategie Grains, up 0.5 MMT from the previous number.
Algeria purchased wheat in a tender on Wednesday, with estimates of now showing purchases in range of 360,000 to 480,000 MT, below what was previously reported. Saudi Arabia has tendered for a total of 595,000 MT of wheat on Thursday, with offers dues on Friday. Taiwan has also issued a tender to buy 102,450 MT of US wheat, with the deadline set for next Thursday. Japan’s weekly tender is due later today, with 123,979 MT combined from the US, Australia, and Canada, and 34,026 MT US specific.
Mar 25 CBOT Wheat is at $5.77, up 2 3/4 cents,
May 25 CBOT Wheat is at $5.91, up 3 cents,
Mar 25 KCBT Wheat is at $5.97 1/4, up 5 3/4 cents,
May 25 KCBT Wheat is at $6.08, up 6 cents,
Mar 25 MGEX Wheat is at $6.16, up 1 1/4 cents,
May 25 MGEX Wheat is at $6.30, up 1 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.More news from Barchart
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