Wheat Pushing Gains to Start Thursday

Wheat is higher across the three markets on Thursday. The wheat complex rallied double digits on the Wednesday session. Chicago SRW futures were 11 to 14 3/4 cents higher on the day. Open interest showed some rotation of ownership, up just 472 contracts. KC HRW futures were 18 1/4 to 23 1/4 cents in the green. MPLS spring wheat was up 11 to 13 cents at the close.

The next week looks dry for much of the Plains from NE to TX, with much of SRW country remaining dry with scattered precip. Temps are also expected to be warm this week.

Export Sales data will be released this morning, as traders are looking for 300,000 MT to 550,000 MT of wheat sales in the week of March 12. New crop business is estimated at 0-50,000 MT.

An Allendale survey estimates the US wheat acreage at 44.88 million acres, down 423,000 acres from last year. Spring wheat acreage is seen at 9.68 million acres, with durum at 2.107 million acres.

Taiwan importers purchased a total of 105,025 MT of US wheat in a tender overnight. SovEcon estimates the 2026 Russian wheat crop at 87.6 MMT, a 1.7 MMT increase from their previous number

May 26 CBOT Wheat  closed at $6.04 1/4, up 14 1/2 cents, currently up 6 cents

Jul 26 CBOT Wheat  closed at $6.15 1/2, up 14 3/4 cents, currently up 5 1/2 cents

May 26 KCBT Wheat  closed at $6.26, up 19 1/4 cents, currently up 3 cents

Jul 26 KCBT Wheat  closed at $6.40 1/2, up 19 1/4 cents, currently up 3 1/4 cents

May 26 MIAX Wheat  closed at $6.37 1/4, up 3 1/4 cents, currently up 6 1/4 cents

Jul 26 MIAX Wheat  closed at $6.51 1/4, up 2 3/4 cents, currently up 5 3/4 cents