US wheat futures are set to rise for the second consecutive trading day, driven by better-than-expected export sales. The US Department of Agriculture reported weekly wheat export sales of approximately 350,000 tons, significantly surpassing analysts' average forecast of 217,000 tons. Notably, sales to Mexico, the largest importer of US wheat, reached a seasonal high, with deliveries scheduled for the new crop season starting July 1. Corn and soybean export sales also increased during the week.
Robust demand helps alleviate concerns that shifting policies under President Donald Trump might hinder US exports. Weather fluctuations are also supporting the agricultural market. Recent rains have flooded some farmland in the US Midwest, while drought-stricken areas in the Southern Plains are expected to receive rain soon. The USDA will release the wheat crop condition ratings and the spring planting progress report for corn and soybeans shortly.
As of the latest Chicago trading, wheat prices rose by 0.4% to $5.63 per bushel, corn increased by 0.2% to $4.9275 per bushel, while soybeans fell by 0.5% to $10.45 per bushel.
