Wheat markets are showing positive momentum this Thursday, with contracts rising across all three exchanges. Chicago SRW futures have gained 4 to 5 cents so far today, while Kansas City HRW has seen increases between 1 and 3 cents at midday. In addition, MPLS spring wheat is up by 2 to 4 cents. Trading will pause on Friday in observance of Good Friday, making today the final trading day for the week.

Export Sales Data Reflects Strong Demand

The latest export sales data reveals a total of 76,497 metric tons (MT) of wheat sold during the week ending April 10, landing in the middle of the estimated range of net reductions between 100,000 MT and net sales of 200,000 MT for the current crop year. Notably, the Dominican Republic accounted for a significant portion of these sales, purchasing 30,700 MT, while Venezuela acquired 25,800 MT. For the new crop, sales reached 276,864 MT, exceeding expectations of 0-300,000 MT. Mexico emerged as the leading buyer with 142,300 MT, followed by Japan at 58,900 MT.

Global Crop Predictions and Tender Results

In related news, SovEcon has projected Russia’s wheat crop for 2025 at 79.7 million metric tons (MMT), which is an increase of 1.1 MMT from previous estimates. Additionally, the winter wheat crop forecast has risen 1.5 MMT to 52.2 MMT. Meanwhile, Algeria recently secured between 600,000 MT and 630,000 MT of wheat in a tender conducted on Wednesday.

Current Wheat Prices

May 25 CBOT Wheat: $5.52 1/4, up 4 1/2 cents

Jul 25 CBOT Wheat: $5.65 3/4, up 4 3/4 cents

May 25 KCBT Wheat: $5.60 1/2, up 2 1/2 cents

Jul 25 KCBT Wheat: $5.73 3/4, up 1 1/2 cents

May 25 MGEX Wheat: $6.06 1/4, up 2 1/2 cents

Jul 25 MGEX Wheat: $6.20 1/4, up 3 1/4 cents

On the date of publication, Austin Schroeder did not possess any direct or indirect positions in the securities mentioned in this article. All information provided is for informational purposes only. For additional details, please view the Barchart Disclosure Policy.

The views expressed in this article are those of the author and do not necessarily represent the views of Nasdaq, Inc.