Wheat futures experienced minor gains leading into the long weekend, with Chicago SRW futures up by fractional to 2 cents, although May futures overall dropped 6 ¾ cents for the week. Kansas City HRW futures rose by 2 to 3 ½ cents on Thursday, while Minneapolis spring wheat recorded gains of 3 to 4 ¾ cents. Crude oil prices surged by $11.94 to $112.06 following President Trump’s national address, indicating continued strikes and uncertainties regarding the Strait of Hormuz. Markets will be closed on Good Friday.
Export sales data revealed a marketing year low of 23,521 metric tons of old crop wheat sold for the week ending March 26, with Mexico reporting net cancellations of 56,200 metric tons. However, new crop sales reached 272,839 metric tons, the highest for the 2026/27 crop year, predominantly to Mexico at 172,200 metric tons and South Korea at 65,000 metric tons.
Monthly trade data reported a total of 1.94 million metric tons of wheat shipped in February, marking a six-year high and an increase of 26.69% compared to January.
