Wheat Market Shows Mixed Results Amid Drier Conditions

The wheat market experienced varied movements on Wednesday, highlighted by gains in Kansas City (KC) wheat. Chicago Soft Red Winter (SRW) futures finished the day lower, declining by 2 to 3 cents. In contrast, Kansas City Hard Red Winter (HRW) futures rose between 1 to 3 cents. Minneapolis (MPLS) spring wheat also closed down by 2 to 3 cents.

Looking ahead, the next week anticipates drier weather in the Southern Plains, particularly affecting Texas and parts of Kansas and Oklahoma, with dry conditions expected to last until March 20.

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According to Stats Canada’s planting intentions report released this morning, Canadian wheat acreage for 2025 is projected to rise by 2.6% compared to last year, reaching 27.475 million acres. This increase is largely attributed to spring wheat cultivation, expected to account for 19.42 million acres—up 2.5% year-over-year—while durum remains stable at 6.36 million acres.

Ahead of the Thursday morning Export Sales report, traders anticipate a range of old crop wheat sales between 275,000 and 650,000 metric tons, while projections for 2025/26 sales range from 0 to 100,000 metric tons.

On Wednesday, Algeria conducted a tender for wheat, with estimates suggesting purchases between 500,000 and 650,000 metric tons.

Mar 25 CBOT Wheat closed at $5.38 3/4, down 2 1/4 cents.

May 25 CBOT Wheat closed at $5.54, down 2 3/4 cents.

Mar 25 KCBT Wheat closed at $5.61 3/4, up 3 cents.

May 25 KCBT Wheat closed at $5.73, up 1 cent.

Mar 25 MGEX Wheat closed at $5.80 1/2, down 2 1/4 cents.

May 25 MGEX Wheat closed at $5.94 1/2, down 2 3/4 cents.

On the date of publication, Austin Schroeder did not have any positions (either directly or indirectly) in the securities mentioned in this article. All information and data provided are solely for informational purposes. For more details, please refer to the Barchart Disclosure Policy here.

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