Wheat Markets Exhibit Mixed Performance on Wednesday’s Close

On Wednesday, wheat markets closed with a mixed performance. Kansas City (KC) contracts showed gains, while other markets experienced declines. Chicago Soft Red Winter (SRW) futures fell by 1 to 2 cents during the trading session. Conversely, Kansas City Hard Red Winter (HRW) contracts recorded gains of 3 to 4 cents. Minneapolis (MPLS) spring wheat saw a decrease of 1 to 2 cents at day’s end.

In related news, President Trump’s recent “Liberation Day” tariffs excluded Mexico and Canada, maintaining exemptions for USMCA compliant goods. Reciprocal tariffs will be levied on Japan at 24%, South Korea at 25%, and the Philippines at 17%, set to take effect on April 9.

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The USDA’s Export Sales report, which is due soon, is anticipated to indicate net reductions ranging from 100,000 MT to net sales of 300,000 MT for 2024/25 wheat for the week ending on March 27. New crop sales could fall between 0 to 200,000 MT.

It’s worth noting that the weakness in prices isn’t isolated to the US. French milling wheat futures are also trading just above fresh multi-month lows.

Closing Prices for Wheat Futures

May 25 CBOT Wheat: $5.39 1/4, down 1 1/4 cents.

Jul 25 CBOT Wheat: $5.52 3/4, down 1 cent.

May 25 KCBT Wheat: $5.68 1/2, up 3 1/4 cents.

Jul 25 KCBT Wheat: $5.79 3/4, up 3 cents.

May 25 MGEX Wheat: $5.92 1/2, down 1 1/2 cents.

Jul 25 MGEX Wheat: $6.08, down 2 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 is for informational purposes only. For more details, please view the Barchart Disclosure Policy here.

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