The wheat complex experienced significant gains on Thursday, with Chicago SRW futures rising by 13 to 14 cents and KC HRW futures increasing by 17 to 19 cents. MPLS spring wheat also saw a rise of 10 to 11 cents during the session.
Export sales figures released on Thursday showed that only 203,100 MT of wheat were sold in the week ending February 26, which is a decrease of 16.41% from the previous week and 40.04% lower than the same week last year. The figures fell at the low end of estimates, which ranged from 200,000 to 500,000 MT. Conversely, Statistics Canada reported anticipated planting intentions of 26.74 million acres of wheat for the upcoming spring, slightly above estimates.
As of midday trading, March 26 CBOT wheat is priced at $5.80, up 13 ¼ cents, while May 26 CBOT wheat is at $5.81 ¼, up 13 cents. March 26 KCBT wheat sits at $5.70, up 4 ¾ cents, and May 26 KCBT wheat is at $5.91, up 18 ½ cents.
