The wheat complex was in rally mode across all three markets on Thursday. Chicago SRW futures closed 12 to 15 cents higher on the day to lead the bull’s charge. KC HRW futures were up 14 to 15 cents at the close. MPLS spring wheat was 8 to 10 cents in the green at the close.
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 closed at $5.59 1/2, up 12 1/2 cents,
May 26 CBOT Wheat closed at $5.66 3/4, up 14 1/4 cents,
Mar 26 KCBT Wheat closed at $5.65 1/2, up 14 1/2 cents,
May 26 KCBT Wheat closed at $5.76 3/4, up 15 cents,
Mar 26 MIAX Wheat closed at $5.83 1/2, up 8 1/2 cents,
May 26 MIAX Wheat closed at $5.95 1/2, up 9 1/2 cents,
