The wheat market has taken back all the overnight losses across the three exchanges. Chicago SRW futures are back up 1 to 2 cents so far on the day. Kansas City HRW contracts are 2 to 3 cents in the green at midday. MPLS spring wheat is trading with 1 to 2 cent gains on Thursday.
President Trump’s tariff announcement from Wednesday came with Mexico and Canada left off the list and the exemption on all USMCA compliant goods remaining in place. Reciprocal tariffs were put in place on Japan at 24%, South Korea at 25% and the Philippines at 17%. They go into effect on April 9.
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USDA’s Export Sales report showed 339,986 MT of US wheat sales for the week ending on March 27, exceeding the trade ideas of between net reductions of 100,000 MT to net sales of 300,000 MT. That was a 3-week high and well above the same week last year. Ecuador was the top buyer of 71,900 MT, with Japan purchasing 59,300 MT. New crop sales were tallied at 95,242 MT, with in the expected range of 0 to 200,000 MT.
February wheat exports totaled 1.765 MMT (64.85 mbu) according to Census data, which was 34.37% above January but down 4.47% from last year. That takes the MY exports through the first 3 quarters to 584 mbu (598 including products).
May 25 CBOT Wheat is at $5.40 1/4, up 1 cent,
Jul 25 CBOT Wheat is at $5.54 3/4, up 2 cents,
May 25 KCBT Wheat is at $5.71 1/4, up 2 3/4 cents,
Jul 25 KCBT Wheat is at $5.82 1/2, up 2 3/4 cents,
May 25 MGEX Wheat is at $5.94, up 1 1/2 cents,
Jul 25 MGEX Wheat is at $6.09 3/4, up 1 3/4 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
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.