On Wednesday, the wheat market experienced significant declines, with Chicago SRW futures dropping 9.5 to 18.75 cents, while KC HRW futures fell by 12.25 to 21.75 cents. MPLS spring wheat also saw reductions of 8 to 16.5 cents. Crude oil prices decreased by $2.51 following President Trump’s announcement regarding a potential ceasefire in Iran, with further details expected in his forthcoming address.
Traders anticipate the Export Sales data releasing on Thursday morning, expecting figures for old crop wheat between 200,000 and 500,000 MT, and new crop estimates ranging from 100,000 to 300,000 MT. The May 26 CBOT Wheat closed at $5.97. The trading session marked the last for the week ahead of Good Friday.
In terms of weather, the 7-day forecast indicates heavy rain for SRW regions and the eastern Southern Plains, while the western areas are forecasted to receive less than half an inch.
