Wheat Posts Double Digit Losses on Tuesday

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. 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 this morning for 2024/25 shipment 

President Trump has followed through with the 25% tariffs on Mexico and Canada. Mexico has given a Sunday deadline on how they will respond, with the Mexican President stating both tariff and non-tariff measures. Canada has issued 25% tariffs on $30 billion(Canadian) of US goods. Later in the day, Commerce Secretary Lutnick indicated there may be an announcement coming on Wednesday regarding a potential rollback 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 issed 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,

May 25 CBOT Wheat  closed at $5.36 3/4, down 11 cents,

Mar 25 KCBT Wheat  closed at $5.34, down 13 1/2 cents,

May 25 KCBT Wheat  closed at $5.48 1/2, down 13 1/2 cents,

Mar 25 MGEX Wheat  closed at $5.64 1/2, down 17 3/4 cents,

May 25 MGEX Wheat  closed at $5.80, down 11 1/4 cents,