On Wednesday, wheat futures are experiencing declines, with Chicago SRW futures dropping 19 to 22 cents, KC HRW futures down 20 to 22.5 cents, and MPLS spring wheat decreasing by 17 to 18 cents. The selling pressure coincides with crude oil prices falling by $1.56 amid a cooling Middle East situation following President Trump’s indication of a potential Iran ceasefire.
Looking ahead, the Export Sales data scheduled for release on Thursday morning anticipates old crop wheat sales between 200,000 and 500,000 MT, while new crop business is projected to range from 100,000 to 300,000 MT. Additionally, March wheat acreage intentions revealed a total of 43.775 million acres for all wheat, which is 0.905 million acres under trade estimates and 1.553 million below the previous year.
As of March 1, U.S. wheat stocks were reported at 1.3 billion bushels, a 63 million bushel year-over-year increase but 10 million bushels below forecasted estimates. Current price points include May CBOT wheat at $5.95, down 21.25 cents; July CBOT wheat at $6.06 ¾, down 19.75 cents; and May KCBT wheat at $6.13, down 22.5 cents.
