Wheat futures took back most of the overnight weakness, with contracts closing mixed across the three exchanges. Chicago SRW futures were down 2 to 4 cents to close out the day. Kansas City HRW contracts were fractionally to 2 cents in the green on the day. MPLS spring wheat posted losses of 1 to 2 cents Thursday. 

President Trump’s tariff announcement from Wednesday 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 showed 339,986 MT of US wheat sales for the week ending on March 27, exceeding the trade ideas of between net reductions of 100,000 MT to net sales of 300,000 MT. That was a 3-week high and well above the same week last year. Ecuador was the top buyer of 71,900 MT, with Japan purchasing 59,300 MT. New crop sales were tallied at 95,242 MT, with in the expected range of 0 to 200,000 MT. 

February wheat exports totaled 1.765 MMT (64.85 mbu) according to Census data, which was 34.37% above January but down 4.47% from last year.  That takes the MY exports through the first 3 quarters to 584 mbu (598 including products).

May 25 CBOT Wheat  closed at $5.36, down 3 1/4 cents,

Jul 25 CBOT Wheat  closed at $5.50, down 2 3/4 cents,

May 25 KCBT Wheat  closed at $5.69, up 1/2 cent,

Jul 25 KCBT Wheat  closed at $5.80 3/4, up 1 cent,

May 25 MGEX Wheat  closed at $5.91 1/4, down 1 1/4 cents,

Jul 25 MGEX Wheat  closed at $6.07, down 1 cent,