The wheat complex experienced a downturn across all three exchanges at the market close. Chicago SRW futures showed weakness on Thursday, with contracts down 2 to 3 cents. KC HRW futures also saw a decline of 5 to 5 cents, while MPLS spring wheat was down 4 to 5 cents across the front months.
Export Sales data released earlier in the day revealed wheat bookings of just 156,255 MT in the week of 1/8. The top buyer was unknown destinations at 72,000 MT, with 61,500 MT sold to the Philippines. Interestingly, sales for 2026/27 were net reductions of 26 MT.
Saudi Arabia recently issued a tender to purchase 595,000 MT of wheat, with a deadline set for Friday. Additionally, a South Korean importer bought 50,000 MT of US wheat in an overnight tender.
Expana increased their EU wheat production forecast by 0.3 MMT to 128.6 MMT, although they also reduced their export projection by 1.2 MMT to 28.8 MMT.
Here are the closing prices for wheat futures on March 26:
– Mar 26 CBOT Wheat closed at $5.10 1/2, down 2 cents
– May 26 CBOT Wheat closed at $5.21 1/2, down 2 1/4 cents
– Mar 26 KCBT Wheat closed at $5.17 1/4, down 5 cents
– May 26 KCBT Wheat closed at $5.28 3/4, down 4 3/4 cents
– Mar 26 MIAX Wheat closed at $5.63 1/2, down 4 1/2 cents
– May 26 MIAX Wheat closed at $5.74, down 4 1/4 cents
It’s important to note that the information and data provided in this article are for informational purposes only. The author, Austin Schroeder, does not have any positions in the mentioned securities. This article was originally published on Barchart.com.
For more details, you can visit the original article on Barchart.com: https://www.barchart.com/story/news/37072346/wheat-falls-lower-on-thursday?utm_source=yahoo&utm_medium=syndication&utm_content=footer_link.
