Wheat is starting off Friday with losses across the three markets of 7 to 9 cents. 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. There were 33 delivery notices against March KC futures overnight, with 3 for March CBT wheat.
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.
Japan purchased 94,282 MT of wheat from the US, Australia, and Canada in their weekly tender, with 35,882 US specific. French soft wheat ratings were tallied at 73% gd/ex, an increase of 1% from the week prior.
Mar 25 CBOT Wheat closed at $5.37, up 18 1/2 cents, currently unch
May 25 CBOT Wheat closed at $5.54, up 5 3/4 cents, currently down 7 cents
Mar 25 KCBT Wheat closed at $5.51 1/2, up 17 1/2 cents, currently unch
May 25 KCBT Wheat closed at $5.65 3/4, up 8 3/4 cents, currently down 8 1/2 cents
Mar 25 MGEX Wheat closed at $5.79 1/4, up 14 3/4 cents, currently unch
May 25 MGEX Wheat closed at $5.94, up 6 cents, currently down 7 1/4 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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