**Wheat Futures Rally on Continued Support from Crude Oil**
On Friday, March 26, wheat contracts experienced significant gains, with Chicago SRW futures rising by 25 to 28 cents, KC HRW futures increasing by 20 to 27 cents, and MPLS spring wheat climbing by 18 to 20 cents. This uptick comes alongside a $10.10 increase in crude oil futures, providing additional market support.
In export sales reported on Thursday, total wheat export commitments reached 23.204 million metric tons (MMT), which is 95% of the USDA’s forecast and consistent with the average sales pace of 97%. Shipments are at 18.45 MMT, accounting for 75% of the USDA’s export projection, exceeding the average pace of 72%.
FranceAgriMer reported that the French wheat crop is rated 84% good/excellent, matching the previous week’s rating, while durum conditions remained steady at 81%.
