Wheat markets experienced early losses on Monday following a long weekend. Chicago SRW futures recorded minor gains, with May futures down 6.75 cents for the week. Kansas City HRW futures rose 2 to 3.5 cents, but May futures fell by 17 cents last week, whereas MPLS spring wheat saw gains of 3 to 4.75 cents, with May up 1.5 cents.
The latest Export Sales data indicates a low of just 23,521 metric tons (MT) of old crop wheat sold during the week of March 26, attributed to cancellations from Mexico (56,200 MT) and unknown destinations (60,100 MT). However, new crop sales reached a high of 272,839 MT for the 2026/27 crop year, with Mexico leading purchases at 172,200 MT.
Current export commitments total 24.277 million metric tons (MMT), 99% of USDA’s estimate, while shipments stand at 20.005 MMT, making up 82% of USDA projections. As of March 31, net long positions in CBT wheat reached 8,641 contracts, while KC wheat saw a net long of 21,517 contracts, marking a significant shift in market positions.
