On Thursday, the wheat complex weakened due to an uptick in stocks reported by the USDA. Chicago SRW futures dropped by 4 ¾ to 7 ¼ cents, while KC HRW futures fell by 4 ¾ to 8 ¼ cents. MPLS spring wheat saw a decline of 4 ¾ to 5 ¾ cents. In contrast, crude oil prices increased by $4.06.
Export Sales data released on the same day indicated that 163,950 MT of old crop wheat was sold for the week ending April 2, surpassing previous figures by 52.49% year-on-year. Venezuela was the largest buyer, purchasing 52,500 MT, followed by Japan with 51,000 MT. However, new crop sales at 90,656 MT were below traders’ expectations of 150,000 to 400,000 MT.
The USDA’s monthly WASDE report raised US ending stocks for wheat to 938 million bushels, an increase of 7 million bushels, while world ending stocks rose to 283.12 MMT. This increase stemmed from higher production in Russia and the EU and reduced demand in India.
