The wheat complex is in rally mode across all three markets on Thursday. Chicago SRW futures are trading 10 to 12 higher so far on the day to lead the bull’s charge. KC HRW futures is joining in on the rally, with futures up 9 to 11 cents so far on Thursday. MPLS spring wheat is 5 to 7 cents in the green at midday.
The annual Ag Outlook Forum from USDA released initial armchair estimates for the 2026 wheat crop this morning, with planted acreage estimated at 45 million acres. Production is seen at 1.860 bbu, with yield at 50.8 bpa.
Export sales data set for Friday morning is expected to show between 250,000 MT and 600,000 MT of old crop wheat sales in the week of 2/12.
Monthly International Grains Council data showed wheat stocks down 1 MMT from last month to 282 MMT, which is still 19 MMT above a year ago.
Mar 26 CBOT Wheat is at $5.57 1/4, up 10 1/4 cents,
May 26 CBOT Wheat is at $5.64 1/4, up 11 3/4 cents,
Mar 26 KCBT Wheat is at $5.60 1/2, up 9 1/2 cents,
May 26 KCBT Wheat is at $5.72, up 10 1/4 cents,
Mar 26 MIAX Wheat is at $5.79 3/4, up 5 3/4 cents,
May 26 MIAX Wheat is at $5.92, up 7 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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