Wheat Futures Surge as Cold Weather Boosts Market Sentiment
Wheat futures gained across the major exchanges on Thursday. Chicago SRW futures climbed 14 to 16 cents for the nearby contracts, while KC HRW futures increased by 15 to 16 cents in the front months. MPLS spring wheat rose 9 to 10 cents on the day, driven by forecasts of cold temperatures in the Black Sea region, which is experiencing limited snow cover.
The USDA’s weekly Export Sales report released this morning showed that total wheat sales reached 438,867 metric tons (MT) for the week ending January 30. This figure aligned closely with trader expectations, which ranged from 200,000 to 550,000 MT. Mexico emerged as the top buyer, purchasing 122,000 MT, while an additional 111,000 MT was sold to unknown destinations. Sales for the 2025/26 marketing year were counted at 47,296 MT, falling within the expected range of 0 to 50,000 MT.
Japan recently purchased 96,725 MT of wheat through their weekly tender from the U.S. and Canada, with 64,545 MT sourced specifically from the U.S. South Korea also contributed to demand, buying a total of 30,000 MT of U.S. and Canadian wheat, including 22,700 MT from the U.S.
Traders are anticipating the release of Stats Canada data on Friday morning, expecting to see December 31 stocks reported at 23 million metric tons (MMT).
Mar 25 CBOT Wheat closed at $5.87 3/4, an increase of 15 1/2 cents.
May 25 CBOT Wheat finished at $5.98 3/4, up 14 1/4 cents.
Mar 25 KCBT Wheat settled at $6.07 1/2, a rise of 15 3/4 cents.
May 25 KCBT Wheat ended at $6.16 1/4, gaining 15 cents.
Mar 25 MGEX Wheat closed at $6.28 1/2, up 10 cents.
May 25 MGEX Wheat finished at $6.38, an increase of 9 3/4 cents.
On the date of publication, Austin Schroeder did not hold any positions in the securities mentioned in this article. All information provided here is for informational purposes only. For more details, please refer to the Barchart Disclosure Policy here.
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