The wheat complex concluded the week with marginal gains, heading into a long weekend marked by the observance of Good Friday. As of April 03, 2026, and reported by Austin Schroeder for Barchart, market activity saw a nuanced performance across various futures contracts, alongside significant shifts in export data.
Futures Market Performance: A Mixed Bag
On the day, Chicago SRW (Soft Red Winter) futures registered fractional to 2 cent gains. However, the May contract experienced a weekly decline, shedding 6 ¾ cents. Specific closing prices for Chicago contracts included May 26 CBOT Wheat at $5.98 1/4, up 3/4 cent, and Jul 26 CBOT Wheat at $6.09 1/2, also up 3/4 cent.
KC HRW (Hard Red Winter) futures saw a stronger daily performance, rising 2 to 3 1/2 cents on Thursday. Despite this, the May contract recorded a more substantial weekly drop of 17 cents. Closing figures for Kansas City contracts showed May 26 KCBT Wheat at $6.15 3/4, up 2 cents, and Jul 26 KCBT Wheat at $6.31, up 2 3/4 cents.
MPLS (Minneapolis) spring wheat futures demonstrated positive movement, climbing 3 to 4 ¾ cents. Notably, the May contract for MPLS spring wheat was up 1 ½ cents for the week, distinguishing itself from its SRW and HRW counterparts. May 26 MIAX Wheat closed at $6.47 3/4, up 4 3/4 cents, while Jul 26 MIAX Wheat finished at $6.61 1/2, up 3 3/4 cents.
Export Sales Data Reveals Divergent Trends
Export Sales data released on Thursday for the week of March 26 presented a stark contrast between old crop and new crop wheat sales. Old crop wheat sales amounted to just 23,521 metric tons (MT), marking a marketing year low. This figure was further impacted by net cancellations, including 56,200 MT from Mexico and 60,100 MT from unknown destinations, with the latter likely representing a switch to an alternative destination.
Conversely, new crop business for the 2026/27 crop year reached a marketing year high, totaling 272,839 MT. Mexico emerged as the top buyer for new crop, securing 172,200 MT, followed by South Korea with 65,000 MT.
February Shipments Hit Six-Year High
Further bolstering the market’s underlying strength, Monthly Census trade data indicated robust shipment volumes for February. A total of 1.94 million metric tons (MMT) of wheat were shipped during the month. This represents a six-year high for February shipments and a significant increase of 26.69% compared to January’s figures.
Broader Market Context and Upcoming Session
In the broader commodity landscape, crude oil prices saw a notable increase, rising $11.94 to $112.06. This uptick followed President Trump’s address on Wednesday night, which indicated 2-3 more weeks of strikes and an uncertain fate for the Strait of Hormuz, potentially impacting global energy supplies.
The market is scheduled to be closed on Friday in observance of Good Friday. Trading will resume with a normal Sunday night open for the Monday session.
While the wheat complex managed to close the week with overall slight gains, the underlying data presents a complex picture. Daily increases in futures contracts were tempered by weekly declines for some key May contracts. However, strong new crop export sales and a six-year high in monthly shipments suggest a robust demand outlook for future periods, even as old crop sales faced significant headwinds and cancellations.
