The wheat complex gained traction on Thursday, with Chicago SRW futures rising by 4.5 to 7.25 cents, and KC HRW futures seeing increases between 4 and 9 cents. MPLS spring wheat also reported gains of 4.25 to 5 cents.
According to weekly export sales data, wheat bookings reached 397,245 metric tons for the week ending March 19, more than double the previous week and nearly four times higher than the same period last year. The Philippines was the largest importer, purchasing 69,700 metric tons, followed by Taiwan and Mexico with purchases of 67,800 and 63,700 metric tons, respectively. New crop sales were recorded at 205,750 metric tons.
Looking ahead, March intentions data will be released on Tuesday, with traders expecting 44.79 million acres of wheat, a decrease of 544,000 acres from last year. The European Commission anticipates EU ending stocks to decline to 11 million metric tons for 2026/27, down from 14.7 million metric tons last year, alongside a projected production drop to 125.9 million metric tons.
