The wheat market rallied back across the three exchanges into Thursday’s close. Chicago SRW futures were off the intraday highs, but still 5 to 7 cents higher on the day. KC HRW futures were up 8 to 10 cents across most front months. MPLS spring wheat posted 5 to 6 cent gains in the nearbys.
After a couple days of trade talk, President Trump is putting a pause on all tariffs that fall under the USMCA trade agreement umbrella from Mexico and Canada for another month. Canada is also pushing back the planned tariffs on $125 billion of US goods back to April 2.
Export Sales data indicated a total of 338,703 MT in wheat sales for the week ending on 2/27, in the middle of estimates. That was back up 25.91% from last week and 24.92% larger than the same week last year. Mexico was the buyer 91,900 MT, with the Philippines buying 66,600 MT. New crop was above estimates at 77,000 MT.
The monthly Census data release showed January wheat exports at 1.313 MT (48.26 mbu), which was the lowest total for the month since 1972. That was a drop of 20.53% from last year and 9.4% below December.
South Korean importers purchased a total of 98,200 MT of wheat from the US and Canada overnight, with 50,000 MT US specific.
Mar 25 CBOT Wheat closed at $5.37, up 18 1/2 cents,
May 25 CBOT Wheat closed at $5.54, up 5 3/4 cents,
Mar 25 KCBT Wheat closed at $5.51 1/2, up 17 1/2 cents,
May 25 KCBT Wheat closed at $5.65 3/4, up 8 3/4 cents,
Mar 25 MGEX Wheat closed at $5.79 1/4, up 14 3/4 cents,
May 25 MGEX Wheat closed at $5.94, up 6 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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