Wheat futures are experiencing modest gains of 5 to 9 cents across major markets on Thursday morning, rebounding from recent declines. On Wednesday, Chicago SRW futures fell between 9.5 and 18.75 cents, while KC HRW futures dropped by 12.25 to 21.75 cents. Open interest rose by 6,719 contracts, indicating increased trading activity despite the previous day’s sell-off.

The market’s fluctuations come amid rising crude oil prices, which surged by $9.50 following President Trump’s address regarding potential military actions affecting the Strait of Hormuz. This geopolitical tension could further impact agricultural commodity prices, particularly if disruptions in oil supply affect production costs. Additionally, traders are anticipating export sales data, with expectations for old crop wheat sales between 200,000 and 500,000 metric tons.

As the markets close early ahead of Good Friday, professionals should monitor the upcoming export sales data closely, as it may provide crucial insights into demand trends and price movements in the wheat sector.

Source: nasdaq.com