Wheat markets are experiencing slight losses early Thursday, with front-month contracts down 1 to 5 cents. On Wednesday, Chicago SRW futures closed up 6.25 to 7.75 cents, and open interest increased by 6,588 contracts. Kansas City HRW futures gained 10.25 to 13.75 cents, while MPLS spring wheat saw rises of 4.25 to 9.5 cents.
Weekly Export Sales data is set to be released on Thursday, with expectations for sales between 100,000 and 500,000 metric tons for the week ending March 19. New crop sales are anticipated to range from 0 to 200,000 metric tons. As for specific prices, May 26 CBOT wheat closed at $5.97¾, up 7¾ cents, while July 26 KCBT wheat closed at $6.33, up 13¼ cents.
Soil conditions are expected to be drier in the coming week across the Plains, with minimal benefits for crops already facing rating declines. However, some areas in the Eastern Corn Belt may see a wetter pattern.
