The wheat complex is showing some strength so far to kick off trade on Thursday, with gains across the three exchanges. Wheat futures held onto the weakness into the close on Wednesday, with losses in the three markets. Chicago SRW futures were down 2 to 3 cents across the nearbys on the day. KC HRW futures were faced with fractional to 2 cent losses at the close. MPLS spring wheat was 3 to 4 cents in the red on the session.

President Trump spoke with Russia President Putin on Wednesday afternoon, with the two looking to begin negotiations on the current conflict in Ukraine to end the war.

USDA Export Sales data will be published this morning, with traders looking for a total of 200,000 to 600,000 MT in 2024/25 sales in the week that ended on February 6. Sales for the 2025/26 crop are estimated at 0-75,000 MT.

EU wheat production is expected to total 127.7 MMT according to the latest estimate from Strategie Grains, up 0.5 MMT from the previous number.

Algeria purchased wheat in a tender on Wednesday, with estimates of now showing purchases in range of 360,000 to 400,000 MT, below what was previously reported. Saudi Arabia has tendered for a total of 595,000 MT of wheat on Thursday, with offers dues on Friday. Taiwan has also issued a tender to buy 102,450 MT of US wheat, with the deadline set for next Thursday. Japan’s weekly tender is due later today, with 123,979 MT combined from the US, Australia, and Canada, and 34,026 MT US specific. 

Mar 25 CBOT Wheat  closed at $5.74 1/4, down 2 3/4 cents, currently up 3 1/4 cents

May 25 CBOT Wheat  closed at $5.88, down 2 cents, currently up 3 1/4 cents

Mar 25 KCBT Wheat  closed at $5.91 1/2, down 1 1/4 cents, currently up 6 1/2 cents

May 25 KCBT Wheat  closed at $6.02, down 3/4 cent, currently up 6 3/4 cents

Mar 25 MGEX Wheat  closed at $6.14 3/4, down 3 1/2 cents, currently 2 3/4 cents

May 25 MGEX Wheat  closed at $6.28 1/4, down 3 cents, currently up 3 cents