Wheat markets experienced gains on Wednesday morning, primarily driven by significant double-digit increases in Kansas City (KC). Chicago SRW futures fell 12 to 13 cents on Tuesday, while KC HRW futures and MPLS spring wheat saw losses of 11 cents across nearby contracts. The U.S. Department of Agriculture (USDA) reported no changes to the U.S. wheat balance sheet, maintaining stocks at 931 million bushels and raising the average cash price by five cents to $4.95.
Global wheat statistics revealed a reduction in world ending stocks by 0.55 million metric tons (MMT) to 276.96 MMT, attributed to a decrease in Argentine stocks and reduced Russian and EU exports. In Europe, soft wheat exports reached 16.5 MMT from July 1 to March 8, a year-on-year increase of 1.4 MMT. Additionally, Algeria purchased an estimated 150,000 to 200,000 MT of wheat on Tuesday, and South Korea and Taiwan issued tenders for 32,000 MT and 105,020 MT of U.S. wheat, respectively.
