On Friday, the wheat complex demonstrated strength, with Chicago SRW futures showing fractional gains and KC HRW futures rising by 6 to 7 cents across front months. MPLS spring wheat was up 3 to 4 cents at midday. Despite forecasts predicting rain in the SRW region, much of the Southern Plains remains dry, according to NOAA’s 7-day QPF.
The weekly export sales report revealed total wheat commitments at 24.252 million metric tons (MMT), reflecting a 15% increase from the previous year and accounting for 99% of the USDA’s export projection. March intentions data, scheduled for release on Tuesday, anticipates wheat planting intentions of 44.79 million acres this year—a drop of 544,000 acres compared to last year.
Additionally, Algeria recently acquired approximately 690,000 MT of wheat in a tender, while FranceAgriMer reported winter wheat ratings at 84% good/excellent, unchanged from the previous week.
