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The wheat markets closed the Thursday session on the mixed side, pulling back from early gains. Chicago SRW futures saw 1 to 2 cent gains to closed out Thursday, as May was down 7 cents this week. Kansas City HRW was the weak spot, steady to down 3 cents on the day, as May fall back 10 ½ cents this week. MPLS spring wheat was up 2 to 3 cents on Thursday, as May slipped 8 ¾ cents this week. The markets will be off on Friday in observance of Good Friday.
Rains over the next week forecast for the Southern Plains has shifted slightly west, catching parts of the TX panhandle and the eastern ¾ of KS.
Export sales data showed a total of 76,497 MT of wheat sold in the week ending on April 10, in the middle of the estimated range of net reductions of 100,000 MT to net sales of 200,000 MT for old crop. The Dominican Republic purchased a total of 30,700 MT, with 25,800MT sold to Venezuela. New crop sales came in a 276,864 MT, on the high end of the range of expectations at 0-300,000 MT. Mexico was the buyer of 142,300 MT, with Japan in for 58,900 MT.
SovEcon estimates the 2025 Russian wheat crop at 79.7 MMT, a 1.1 MMT increase from their previous number, with the winter wheat crop up 1.5 MMT to 52.2 MMT. Algeria purchased a total of at least 600,000-630,000 MT of wheat in a tender on Wednesday.
Monthly data from the International Grains Council showed world wheat production for 2024/25 down just 1 MMT, as use was down 4 MM. That caused stocks to be up 4 MMT to 268 MMT. The 2025/26 world crop was trimmed by 1 MMT, with consumption up 1. That, mixed with the increased carryover, saw stocks hiked by 1 to 260 MMT.
May 25 CBOT Wheat closed at $5.48 3/4, up 1 cent,
Jul 25 CBOT Wheat closed at $5.62 1/4, up 1 1/4 cents,
May 25 KCBT Wheat closed at $5.57 1/2, down 1/2 cent,
Jul 25 KCBT Wheat closed at $5.70, down 2 1/4 cents,
May 25 MGEX Wheat closed at $6.06 1/4, up 2 1/2 cents,
Jul 25 MGEX Wheat closed at $6.19 1/4, up 2 1/4 cents,
