Wheat Futures Rise as Export Sales Surge
Wheat futures have made gains across all three markets at midday. In Chicago, SRW futures are climbing by 5 to 7 cents for nearby contracts. Meanwhile, KC HRW futures have increased by 9 to 10 cents in the front months during today’s session. MPLS spring wheat is also seeing an uptick, rising by 6 to 7 cents.
This morning, the USDA released Export Sales data indicating 456,086 MT for the week ending January 23. This figure not only exceeds the previous week’s results but also represents a 41.41% increase compared to the same week last year. The sales fell within the forecast range of 150,000 to 500,000 MT for 2024/25 wheat. The Philippines topped the list of buyers with an order of 86,200 MT, followed closely by an unknown buyer securing 85,300 MT. There was also a recorded sale of 24,204 MT for the 2025/26 season, aligning with the expected range of 0 to 50,000 MT, with split orders going to Peru and El Salvador.
In another development, Japan procured 89,134 MT of wheat from the United States and Canada, which included 29,070 MT specifically from the US in their recent weekly tender. Additionally, SovEcon has estimated Russia’s wheat export total for 2024/25 at 42.8 MMT, which is a slight decline of 0.9 MMT from previous estimates.
Mar 25 CBOT Wheat is currently priced at $5.69, up 6.5 cents.
May 25 CBOT Wheat is at $5.81 1/2, up 5.5 cents.
Mar 25 KCBT Wheat is trading at $5.90, an increase of 9.75 cents.
May 25 KCBT Wheat is at $5.99 1/4, up 9 cents.
Mar 25 MGEX Wheat is valued at $6.20 1/4, rising by 6.5 cents.
May 25 MGEX Wheat is priced at $6.28 1/2, up 6.25 cents.
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are solely for informational purposes. For more details, please view the Barchart Disclosure Policy here.
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