Wheat prices increased across major U.S. markets on Thursday, with Chicago SRW futures rising by 11 to 14.75 cents and KC HRW futures up 18.25 to 23.25 cents. As of the latest close, May 26 CBOT Wheat is priced at $6.04 ¼ per bushel, marking an increase of 14.5 cents. Meanwhile, open interest saw a modest rise of 472 contracts.
The upcoming week is expected to be dry for much of the Plains from Nebraska to Texas, with temperatures predicted to be warm. U.S. export sales data is anticipated to reveal sales ranging from 300,000 MT to 550,000 MT for the week of March 12, while wheat acreage is estimated to decline to 44.88 million acres—down 423,000 acres from last year, according to Allendale survey data. Taiwan has purchased 105,025 MT of U.S. wheat in a recent tender.
