Wheat Sneaking Out Gains to Start Thursday Trade

Wheat is showing slight strength on Thursday morning. The wheat market posted another round of weakness on Wednesday. Chicago SRW futures were down 8 to 9 cents in the front months at the close. Kansas City HRW contracts saw losses of 4 to 6 cents in the nearby contracts. MPLS spring wheat also extended its slide, with losses of 3 too 4 cents on midweek weakness.

USDA’s Export Sales data will be released on Thursday morning, with traders looking for 2024/25 sales in a range of 0-550,000 MT in the week of 3/20. New crop wheat sales are seen totaling 100,000 to 300,000 MT.

The next week looks wet for much of SRW country, mainly coming in the weekend to early next week, with main HRW precip limited to parts of central/southern TX.

NASS will report the Mach 1 Grain Stocks data next Monday, with a Bloomberg survey of traders looking for 1.221 bbu of wheat on hand on average. The range is from 1.169 to 1.26 bbu for the March 1 total. 

Taiwan importers purchased a total of 100,000 MT of US wheat overnight.

May 25 CBOT Wheat  closed at $5.35 1/4, down 8 cents, currently up 1 1/2 cents

Jul 25 CBOT Wheat  closed at $5.51, down 8 3/4 cents, currently up 1 1/2 cents

May 25 KCBT Wheat  closed at $5.65, down 4 1/4 cents, currently up 4 3/4 cents

Jul 25 KCBT Wheat  closed at $5.79 1/4, down 5 1/2 cents, currently up 4 3/4 cents

May 25 MGEX Wheat  closed at $5.85 1/4, down 3 1/4 cents, currently up 5 3/4 cents

Jul 25 MGEX Wheat  closed at $6.01, down 4 cents, currently up 5 1/2 cents