On Wednesday, the wheat complex experienced declines, influenced by a significant drop in crude oil prices, which fell $18.32 following a two-week ceasefire between Iran and the U.S. Chicago SRW futures were down 18 to 19 cents, while KC HRW futures decreased by 14 to 15 cents. MPLS spring wheat saw losses of 15 to 17 cents.
Analysts expect the USDA to lower the U.S. ending stocks estimate by 8 million bushels to 923 million bushels in Thursday’s WASDE report. World stocks are anticipated to increase by 0.4 million metric tons to 277.4 million metric tons. Additionally, export sales data for the week ending April 2 is projected between 150,000 MT and 400,000 MT.
