Wheat futures led a broad grain rally on Wednesday, with front-month contracts posting double-digit gains across all three exchanges. Chicago SRW wheat front months rose 11 to 17 cents, while KC HRW futures climbed 10½ to 18¾ cents and MPLS spring wheat added 9¾ to 13¼ cents. Algeria purchased an estimated 800,000 metric tons of wheat in a tender, and FranceAgriMer raised its French wheat ending stocks estimate to 3.5 million metric tons, up 0.22 million from May. Traders await Thursday’s export sales data, with a Reuters survey projecting 2026/27 sales between 300,000 and 700,000 metric tons.
Algeria purchased 800,000 MT of wheat, boosting demand for SRW wheat.
Algeria's large wheat purchase supports HRW wheat prices as part of the broad grain rally.