Wheat is trying to battle back higher to kickoff Monday trade, as futures are firmer across the three markets. The wheat market fell even further across the three exchanges on Friday to deepen the losses for the week. Chicago SRW futures were 6 to 10 cents lower at the close, with March falling 53 cents (-8.98%) last week. There were 257 deliveries issued against March CBT wheat overnight. KC HRW futures were down 12 to 13 cents on Friday, as the March contract was 51 cents (-8.37%) lower. March KC wheat had 183 delivery notices overnight. MPLS spring wheat added to the week of red, down 4 to 7 cents at the close, with March 49 ½ cents (-7.84%) in the red last week. 

Precip is expected to creep into eastern portions of the Plains over the next week, with the SRW region looking at more widespread wetness.

Commitment of Traders data indicated managed money adding 6,037 contracts back to their net short in CBT wheat futures and options in the week ending on February 25 to 67,614 contracts. In KC wheat, the trimmed their net short by 755 contracts to 21,335 contracts.

President Trump’s 25% tariffs on Mexico and Canada are still set for a March 4 start date after some back and forth last week. 

ABARES estimates the 2024/25 Australian wheat crop at 34.1 MMT, which is an increase of 31% from the year prior and compares to a 32 MMT estimate from USDA. 

Mar 25 CBOT Wheat  closed at $5.37, down 9 3/4 cents, currently up 6 3/4 cents

May 25 CBOT Wheat  closed at $5.55 3/4, down 6 3/4 cents, currently down 1/4 cents

Mar 25 KCBT Wheat  closed at $5.58 1/4, down 13 cents, currently up 6 1/4 cents

May 25 KCBT Wheat  closed at $5.73, down 12 1/4 cents, currently up 1/4 cents

Mar 25 MGEX Wheat  closed at $5.82 1/4, down 4 3/4 cents, currently up 5 3/4 cents

May 25 MGEX Wheat  closed at $5.97 3/4, down 7 cents, currently up 1/2 cents