The wheat complex saw notable gains on Thursday, with Chicago SRW futures rising 3 to 7 cents and KC HRW futures increasing by 4 to 6.25 cents. MPLS spring wheat also experienced gains of 3 to 4 cents for front months.
Weekly Export Sales data reported 455,439 metric tons of wheat sold for the week ending March 5, exceeding trade estimates of 200,000 to 450,000 metric tons, marking the highest sales in four weeks. New crop sales totaled 40,350 metric tons, while January wheat exports reached 1.529 million metric tons, a three-year high for the month.
Current futures prices include March CBOT wheat at $5.88 ½ (up 3.75 cents) and May CBOT wheat at $6.01 ¾ (up 7 cents). Expana adjusted its EU soft wheat export forecast down by 0.5 million metric tons to 27.1 million metric tons.
