On Tuesday, wheat futures rose across all three major markets. Chicago SRW futures increased by 2 to 3 cents, closing at $5.90, while Kansas City HRW futures were up 2 ¾ cents, with July futures at $6.19 ¾. Minneapolis spring wheat also saw gains, rising 3 ¼ to 4 ¼ cents, with July closing at $6.45 ¼. In contrast, crude oil prices climbed just 26 cents amid reports of a potential one-month ceasefire concerning the Middle East conflict.
European Commission data revealed that wheat exports from July 1 to March 22 reached 17.14 million metric tons (MMT), up from 16.13 MMT in the prior year. Russian wheat exports are projected at 46.5 MMT for the current marketing year, which is an increase of 1.1 MMT from earlier estimates. Additionally, Algeria has issued a tender for wheat with offers due by Thursday.
