
The wheat complex is showing strength on Friday. Chicago SRW futures are trading with 13 to 15 cent gains at midday. KC HRW futures are 17 to 19 cents in the green at midday. MPLS spring wheat are up 14 to 15 ¼ cents on the day. Crude oil is back up just $3.03 this morning, though more than $5 off the overnight highs following the breakdown of US/Iran negotiations this weekend.
USDA’s FGIS tallied wheat export shipments at 320,797 MT (11.79 mbu) during the week ending on April 9. That was 6.44% below the week prior and 47.62% below the same week last year. Mexico was the top destination of 113,955 MT, with 52,812 MT headed to Philippines and 55,246 MT to Taiwan. Marketing year exports for 2025/26 are 21.026 MMT (1.127 bbu) since June 1, which is now 14.64% above the same period last year.