Wheat Markets Gain Strength Amid Mixed Export Expectations

Wheat markets showed notable strength on Wednesday, with all three exchanges closing higher. Chicago SRW futures rose by 5 to 6 cents across the nearby contracts. Kansas City HRW futures experienced a gain of 3 to 5 cents during the trading session, while MPLS spring wheat closed up by 1 to 3 cents at the end of the day.

Looking ahead, export sales data due for release on Thursday morning is projected to indicate net reductions ranging from 100,000 MT to net sales of 200,000 MT for the old crop. For new crop sales, estimates vary between 0 and 300,000 MT.

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The forecast for French soft wheat ending stocks in 2024/25 has been revised to 2.81 MMT, a slight decrease of 0.1 MMT from prior estimates provided by FranceAgriMer. Meanwhile, the European Commission reported that EU soft wheat exports reached 16.67 MMT as of April 13, falling short of the 25.71 MMT total reported for the same period last year. Additionally, Algeria secured at least 570,000 MT of wheat in a tender on Wednesday.

May 25 CBOT Wheat closed at $5.47 3/4, up 5 3/4 cents.

Jul 25 CBOT Wheat closed at $5.61, gaining 5 cents.

May 25 KCBT Wheat closed at $5.58, also up 5 cents.

Jul 25 KCBT Wheat finished at $5.72 1/4, rising 3 3/4 cents.

May 25 MGEX Wheat closed at $6.03 3/4, increasing by 2 1/2 cents.

Jul 25 MGEX Wheat settled at $6.17, up 1 1/2 cents.

On the date of publication, Austin Schroeder did not hold any positions, either directly or indirectly, in the securities mentioned. All information and data in this article are for informational purposes only. For more details, please view the Barchart Disclosure Policy here.

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