Wheat futures climbed above $5.50 per bushel, touching their highest level since February 26th, as investors welcomed signs of strong international demand. The USDA’s latest weekly Export Sales report showed U.S. wheat sales surged 84% above the prior four-week average and exceeded expectations, with major purchases from Panama, South Korea, and unidentified buyers. Year-to-date sales are now 69 million bushels ahead of last year, with the USDA projecting a 128-million-bushel increase. Meanwhile, Algeria secured at least 450,000 metric tons in a Wednesday tender, while Tunisia was seeking 100,000 tons in a tender on Thursday. On the supply side, Statistics Canada reported that Canadian farmers plan to expand wheat planting in 2025. Investors also monitored escalating trade tensions, as President Trump threatened 200% tariffs on European wines, champagnes, and other alcoholic beverages.
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