The US wheat markets rose across all three exchanges on Thursday. In Chicago, SWR wheat for March was up 8.50 US cents to 535.25 US cents/bushel. In Kansas City, HRW wheat rose by 8.25 US cents to 538.50 US cents/bushel in March. Spring Wheat in Minneapolis also closed firmer and posted moderate gains.
From a trader's perspective, the price increase was mainly driven by the rise in soybeans. The US export figures published in the morning were weaker. In the reporting week ending January 29, 373,877 tons of wheat were sold, a decline of a good 33 per cent compared to the previous week and almost 15 per cent less than in the same period last year. The largest buyer was the Philippines, with 89,200 tons going to Taiwan and 67,900 tons to Mexico. A further 41,000 tons have already been booked for the 2026/27 marketing year. The figures were not sufficient to provide sustained bullish impetus.
The extensive global inventories continue to have a negative impact. Russia reported a wheat harvest of 93 million tons for 2025, including the Ukrainian areas controlled by Russia. A cultivation area of around 83 million hectares is expected for 2026. This outlook is keeping the market under structural pressure despite the current recovery.
On Euronext, the March price fell by €0.25 to €193.50 per tonne.
