Wheat Resumes from Holiday Break with Slight Losses
Wheat is slipping back early on Friday morning, as the market resumes trade from the Thursday break. The wheat market was rallying across the three markets on Wednesday, as shorts were busy covering their large position. Chicago SRW futures were 25 to 26 cents higher in the front months. Preliminary open interest showed modest short covering, down 6,138 contracts. Kansas City HRW contracts posted 23 to 24 cent gains. Minneapolis spring wheat futures were 15 to 18 cents in the green. July options expire today.
Export Sales data will be released shortly this morning, with 300,000 MT to 600,000 MT of 2025/26 wheat sold in the week ending on June 12.
The past couple days has seen drier weather in parts of the Southern Plains, with the forecast calling for very little precip, with exception to parts of northwest KS. Some districts in the Krasnodar region in Russia, a large wheat producing region, has declared a drought emergency, following a similar move from the Rostov region last week.
The French soft wheat crop is estimated at 68% good/excellent according to FranceAgriMer, down 2 points from last week. The Russian ag minister has estimated the country’s wheat crop at 90 MMT.
Jul 25 CBOT Wheat closed at $5.74 1/4, up 25 1/4 cents, currently down 2 3/4 cents
Sep 25 CBOT Wheat closed at $5.90 1/2, up 25 cents, currently down 3 cents
Jul 25 KCBT Wheat closed at $5.71 1/4, up 23 1/2 cents, currently down 1 cent
Sep 25 KCBT Wheat closed at $5.86 1/2, up 24 cents, currently down 1 cent
Jul 25 MGEX Wheat closed at $6.46 1/4, up 15 1/2 cents, currently down 2 1/2 cents
Sep 25 MGEX Wheat closed at $6.61 1/2, up 17 1/4 cents, currently down 2 cents
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.