Wheat is trading with gains on a turnaround Wednesday, with all three exchanges higher. The wheat complex closed Tuesday with losses across the three markets. Chicago SRW futures were 11 to 13 1/2 cents lower on the day. KC HRW futures were down 13 to 14 cents across the front months. There were another 85 delivery notices for March KC wheat overnight, with 3 deliveries for March CBT wheat. MPLS spring wheat posted 11 to 18 cent losses led by in delivery March.
USDA reported a private export sale of 130,000 MT of white wheat to South Korea on Tuesday morning for 2024/25 shipment
Mexico has given a Sunday deadline on how they will respond to President Trump’s 25% tariff, as Canada has already responded with 25% tariffs on $30 billion(Canadian) of US goods. A second round of Canadian tariffs are coming in the next 21 days on $125 billion. Later on Tuesday, Commerce Secretary Lutnick indicated there may be an announcement coming on Wednesday regarding a potential relief of the tariffs.
In response to the additional 10% tariff on Chinese goods, China has issued a 15% tariff on imports of US wheat. China has 0 MT in wheat on the books and just 139,119 MT in total shipments to China this year.
EU wheat exports have totaled 13.93 MMT from the beginning of July to March 2, down from 22.04 MMT in the same period last year. Japan has issued a tender to buy 94,282 MT of wheat from the US, Canada, and Australia, with 35,882 MT US specific.
Mar 25 CBOT Wheat closed at $5.18 1/2, down 13 1/2 cents, currently up 11 1/2 cents
May 25 CBOT Wheat closed at $5.36 3/4, down 11 cents, currently up 11 cents
Mar 25 KCBT Wheat closed at $5.34, down 13 1/2 cents, currently up 4 1/4 cents
May 25 KCBT Wheat closed at $5.48 1/2, down 13 1/2 cents, currently up 9 1/2 cents
Mar 25 MGEX Wheat closed at $5.64 1/2, down 17 3/4 cents, currently unch
May 25 MGEX Wheat closed at $5.80, down 11 1/4 cents, currently up 10 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 solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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