CBOT wheat futures turn higher as drought expands in High Plains
CHICAGO, April 2 (Reuters) - Chicago Board of Trade wheat futures ticked higher on Thursday, as traders continued to track drought conditions in the High Plains and adjusted their positions ahead of the three-day Easter weekend, market analysts said.
U.S. wheat export sales for the week ended March 26 were 23,500 tons for 2025-26, a marketing-year low, the U.S. Department of Agriculture said. Analysts had expected 200,000 to 500,000 tons. EXP/WHE
CBOT May soft red winter wheat WK26 settled up 3/4 cent at $5.98-1/4 a bushel on Thursday.
Grain markets will be closed on Friday, in observance of the Good Friday holiday.
K.C. May hard red winter wheat KWK26 ended 2 cents higher at $6.15-3/4 a bushel, and Minneapolis May spring wheat MWEK26 rose 4-3/4 cents at $6.46-3/4 a bushel.
Traders are keeping a close eye on dry conditions across the U.S. Plains at a time when nationwide plantings are expected to be the lowest since USDA records began in 1919.
The U.S. Drought Monitor on Thursday reported that drought there is expanding across the region, including in Nebraska where farmers are gearing up to plant later this month.
The state just came off its driest first three months on record, with some areas going weeks without meaningful moisture, meteorologists said. Beneficial rains were expected in the U.S. southeastern Plains, though dryness will continue to cause stress for crops in western areas, according to forecasters.
