Wheat posted mixed trade at Wednesday’s close, as contracts were higher in the KC market but lower in the others. Chicago SRW futures saw losses of 1 to 2 cents on the day. Kansas City HRW contracts settled with 3 to 4 cent gains on Wednesday. MPLS spring wheat was 1 to 2 cents lower at the close. 

President Trump’s “Liberation Day” tariffs came with Mexico and Canada left off the list and the exemption on all USMCA compliant goods remaining in place. Reciprocal tariffs were put in place on Japan at 24%, South Korea at 25% and the Philippines at 17%.  They go into effect on April 9.

USDA’s Export Sales report is expected to show between net reductions of 100,000 MT to net sales of 300,000 MT for 2024/25 wheat for the week ending on March 27. New crop sales are pegged in a range of 0 to 200,000 MT. 

The US markets are not the only with weaker price action, as French milling wheat futures are just off fresh multi-month lows.

May 25 CBOT Wheat  closed at $5.39 1/4, down 1 1/4 cents,

Jul 25 CBOT Wheat  closed at $5.52 3/4, down 1 cent,

May 25 KCBT Wheat  closed at $5.68 1/2, up 3 1/4 cents,

Jul 25 KCBT Wheat  closed at $5.79 3/4, up 3 cents,

May 25 MGEX Wheat  closed at $5.92 1/2, down 1 1/2 cents,

Jul 25 MGEX Wheat  closed at $6.08, down 2 cents,