Wheat Posts Strength on Tuesday
Wheat futures closed higher across all three US exchanges on Tuesday. Chicago SRW gained 10-11 cents, KC HRW rose 6-9 cents, and MPLS spring wheat was up 5-6 cents. Dry conditions persist in the Plains, while SRW areas expect 1-2 inches of precipitation. Japan and South Korea are tendering for US wheat, while SovEcon raised Russia’s 2025/26 export estimate to 38.3 MMT. The EU’s wheat exports lag behind last year’s pace.
The wheat market headed home on Tuesday with gains across the three exchanges. Chicago SRW futures were up 10 to 11 cents in the nearbys. KC HRW futures were 6 to 9 cents higher in the front months. MPLS spring wheat was 5 to 6 cents in the green on the day.
Precip in the next week is expected to be minimal in the Plains over the next week. In SRW country, totals are a little heavier with 1-2 inches of precip.
Japan is tendering for 96,725 MT of wheat from the US and Canada, with 62,545 MT US specific and offers due on Thursday. South Korea is also tendering for 50,000 MT of US wheat, due on Wednesday.
SovEcon estimates the 2025/26 Russian wheat exports at 38.3 MMT, up 1.9 MMT from their previous number. The European Commission estimates the EU wheat exports at 12.5 MMT as of February 2 since July 1. That lags the same period last year of 19.76 MMT.
Mar 25 CBOT Wheat closed at $5.77, up 10 1/4 cents,
May 25 CBOT Wheat closed at $5.88 3/4, up 10 1/4 cents,
Mar 25 KCBT Wheat closed at $5.94 3/4, up 9 cents,
May 25 KCBT Wheat closed at $6.04, up 8 3/4 cents,
Mar 25 MGEX Wheat closed at $6.21 3/4, up 5 1/4 cents,
May 25 MGEX Wheat closed at $6.30 1/2, up 6 cents.
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Source : BarChart
