Wheat Sneaking Back Higher Early on Tuesday

Market Overview - Wheat prices experienced gains on Tuesday morning, increasing by 1 to 7 cents across three markets after a weaker performance on Monday where Chicago SRW futures fell by 14 to 17 cents [1] - Preliminary open interest decreased by 2,709 contracts on Monday, primarily in May contracts, indicating a reduction in market participation [1] Weather Impact - The 7-day weather forecast predicts less than ½ inch of precipitation in western regions of Kansas and the Oklahoma/Texas panhandles, while eastern portions of the Plains are expected to receive heavier precipitation [2] Export Data - The USDA's FGIS reported wheat export shipments at 344,272 MT (12.65 million bushels) for the week ending February 26, marking a 38.9% decrease from the previous week and 11.98% lower than the same week last year [3] - The Philippines was the leading destination for wheat exports, receiving 88,227 MT, followed by Tanzania with 47,000 MT and Mexico with 39,587 MT [3] - Cumulative exports for the marketing year 2025/26 reached 18.62 MMT (684 million bushels) since June 1, which is 18.82% higher than the same period last year [3] Tender Activity - Saudi Arabia purchased a total of 794,000 MT of wheat in a recent tender, indicating strong demand in the international market [4] - Closing prices for various wheat futures on March 26 showed declines, with CBOT Wheat at $5.74 1/2 (down 16 3/4 cents) and KCBT Wheat at $5.67 (down 5 3/4 cents), although there were slight recoveries noted in current trading [4]