On Wednesday, the wheat complex showed an upward trend, with Chicago SRW futures increasing by 2 to 3 cents. Kansas City HRW futures rose by 4 to 5 cents, while MPLS spring wheat saw gains of 5 to 6 cents in the nearby contracts. Additionally, the next week is expected to be drier for much of the Southern Plains, in contrast to wetter conditions anticipated for the eastern half of the country.
Significantly, South Korea purchased 32,000 MT of wheat from the U.S., and Taiwan issued a tender for 105,020 MT of U.S. wheat. French soft wheat stocks were reported at 3.39 million metric tons, up 340,000 MT from previous figures.
As of the latest trading update, March 26 CBOT wheat stood at $5.84 3/4 (down 13 1/4 cents), May 26 CBOT wheat at $5.93 (up 2 cents), and March 26 KCBT wheat at $5.96 3/4 (down 11 cents).
