On March 26, 2023, the wheat market experienced declines across all major futures contracts. Chicago SRW futures dropped by 14 to 17 cents, closing at $5.74 ½, while KC HRW futures fell by 5 to 6 cents, ending at $5.67. MPLS spring wheat decreased by 1 to 3 cents, with May contracts finishing at $6.10.
The USDA’s FGIS reported wheat export shipments at 344,272 metric tons (12.65 million bushels) for the week ending February 26, 2023, marking a 38.9% decline from the previous week and 11.98% lower than the same week last year. The top destination was the Philippines at 88,227 metric tons, followed by Tanzania and Mexico with 47,000 and 39,587 metric tons, respectively.
Additionally, Saudi Arabia secured 794,000 metric tons of wheat through a recent tender, while the 7-day weather forecast predicts less than ½ inch of precipitation in western Kansas and the Oklahoma/Texas panhandles, with heavier precipitation expected in eastern areas of the Plains.
