Wheat is trying to push higher so far on Wednesday, with gains across the three exchanges. The wheat market posted mixed action on Wednesday, as KC led the way higher. Chicago SRW futures were 2 to 3 cents in the red at the close. KC HRW futures were 1 to 3 cents higher on the session. MPLS spring wheat closed down 2 to 3 cents. There was 1 delivery issued for March CBT wheat overnight, with 2 deliveries for March KC wheat.
The next week looks to be drier in the Southern Plains, with much of TX, and portions of KS/OK seeing dryness out to March 20.
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Canadian wheat acreage is expected to be up 2.6% from last year in 2025 at 27.475 million acres, according to Stats Canada planting intentions data from this morning. Much of the increase is estimated from spring wheat, seen at 19.42 million acres, up 2.5% yr/yr with durum steady at 6.36 million acres.
Ahead of the Thursday morning Export Sales release, traders are expecting to see a total of 275,000 and 650,000 MT in old crop wheat sales. Sales for 2025/26 are seen at 0-100,000 MT.
Algeria purchased wheat in a tender on Wednesday, with traders estimating anywhere from 500,000 to 650,000 MT bought. IKAR trimmed back their Russian wheat export projection by 1.5 MMT to 41 MMT.
Mar 25 CBOT Wheat closed at $5.38 3/4, down 2 1/4 cents, currently unch
May 25 CBOT Wheat closed at $5.54, down 2 3/4 cents, currently up 6 1/4 cents
Mar 25 KCBT Wheat closed at $5.61 3/4, up 3 cents, currently up unch
May 25 KCBT Wheat closed at $5.73, up 1 cent, currently up 8 3/4 cents
Mar 25 MGEX Wheat closed at $5.80 1/2, down 2 1/4 cents, currently up unch
May 25 MGEX Wheat closed at $5.94 1/2, down 2 3/4 cents, currently up 6 1/4 cents
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