Wheat Leading the Rally to Start Friday

Wheat is showing double digit gains continue on Friday morning in the three markets. Crude oil is up another $5.32 on Friday morning to provide some more spillover support. The wheat complex posted digit gains across the three exchanges on Thursday. Chicago SRW futures were up 12 to 16 cents at the close. Open interest was up 10,226 contracts on Thursday. KC HRW futures were 13 to 20 cents in the green on the day. MPLS spring wheat was 6 ½ to 10 1/2 cents higher on the session. A

Export Sales data from Thursday morning showed just 203,100 MT of wheat sold in the week ending on 2/26. Mexico was the top buyer of 74,500 MT, with 72,000 MT sold to Indonesia. That was down 16.41% from last week and 40.04% below the same week last year. New crop business was at 55,000 MT, all to Thailand. 

Statistics Canada planting intentions data from this morning showed a total of 26.74 million acres of wheat expected this spring, slightly above estimates. Spring wheat was tallied at 18.78 million acres, slightly below 2025.

The FranceAgriMer estimates the French wheat crop at 84% good/excellent, matching the rating from the previous week.  Durum conditions were steady at 81%. 

Mar 26 CBOT Wheat  closed at $5.82 3/4, up 16 cents, currently unch

May 26 CBOT Wheat  closed at $5.83 3/4, up 15 1/2 cents, currently up 18 cents

Mar 26 KCBT Wheat  closed at $5.85 1/4, up 20 cents, currently unch

May 26 KCBT Wheat  closed at $5.92 1/2, up 20 cents, currently up 15 1/2 cents

Mar 26 MIAX Wheat  closed at $6.08, up 9 1/4 cents, currently unch

May 26 MIAX Wheat  closed at $6.20 1/2, up 10 1/4 cents, currently up 11 1/2 cents