Wheat Extends Higher on Thursday
Wheat futures gained across major markets Thursday, with CBOT, KCBT, and MGEX rising 3-8 cents. Limited rainfall in the U.S. Plains supported prices. Weekly export sales hit 456,086 MT, led by the Philippines. Japan purchased 89,134 MT. SovEcon cut Russia’s 2024/25 export estimate to 42.8 MMT. CBOT March wheat closed at $5.66 ½.
Wheat futures extended the gains across the three markets on Thursday.. Chicago SRW futures were up another 3 to 4 cents in the nearbys at the close. KC HRW futures were 7 to 8 cents higher in the front months on the session. MPLS spring wheat was 5 to 7 cents in the green on the day. Precip remains limited in much of the Plains for the next week.
Late on Thursday afternoon, President Trump stated he would go ahead with the 25% tariff on Mexico and Canada on Saturday. No retaliatory measures from either country have officially been announced. In 2024 wheat exports to Mexico were 16.56% of the total.
Export Sales data was released this morning, with USDA showing 456,086 MT during the week of 1/23, well above the previous week and 41.41 % larger than the same week last year. That was in the high side of the 150,000 to 500,000 MT in 2024/25 wheat sales. The top buyer was the Philippines at 86,200 MT, with unknown in for 85,300 MT. There was also 24,204 MT in 2025/26 sales, in the middle of the 0 to 50,000 MT estimates and split between Peru and El Salvador.
Japan purchased 89,134 MT of wheat from the US and Canada, with 29,070 MT US specific in their weekly tender overnight. SovEcon estimates the Russian 2024/25 wheat export total at 42.8 MMT, down 0.9 MMT from the prior number.
Mar 25 CBOT Wheat closed at $5.66 1/2, up 4 cents,
May 25 CBOT Wheat closed at $5.79, up 3 cents,
Mar 25 KCBT Wheat closed at $5.88 1/4, up 8 cents,
May 25 KCBT Wheat closed at $5.98 1/4, up 8 cents,
Mar 25 MGEX Wheat closed at $6.20 1/4, up 6 1/2 cents,
May 25 MGEX Wheat closed at $6.28, up 5 3/4 cents.
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Source : Nasdaq.com
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