On Wednesday, the wheat market saw significant declines as Chicago SRW futures fell by 13 to 17 ¾ cents, and KC HRW futures dropped by 7 to 12 ¼ cents. MPLS spring wheat also experienced losses, down 11 ¾ to 17 cents. This drop coincided with a $16.45 decline in crude oil prices following a two-week ceasefire between Iran and the US, which has reopened the Strait of Hormuz.
The week ending April 2 is anticipated to yield export sales of wheat between 150,000 MT and 400,000 MT, with USDA expected to reduce the US ending stocks estimate by 8 million bushels to 923 million bushels, according to a Bloomberg survey. World stocks are projected to increase by 0.4 million MT to 277.4 million MT. Additionally, a South Korean mill importer purchased 50,000 MT of wheat from the US on Wednesday.
Key closing prices for wheat on May 26 are as follows: CBOT Wheat at $5.80 ¼ (down 17 ¾ cents), KCBT Wheat at $5.95 ¼ (down 12 ¼ cents), and MIAX Wheat at $6.24 (down 17 cents).
