Wheat is kicking off Thursday trade with contract higher across the three markets. The wheat complex was under pressure on Wednesday as money was coming out with pressure from crude oil. Chicago SRW futures was down 13 to 17 ¾ cents in the nearbys on the day. Open interest was down 11,115 contracts on Wednesday, implying some long liquidation. KC HRW futures posted 7 to 12 1/4 cent lower trade into the final bell. MPLS spring wheat saw losses of 11 ¾ to 17 cents in the front months at the close. Crude oil was down $16.45 on the day following a 2-week ceasefire between Iran and the US that includes the reopening of the Strait of Hormuz. It is back up $4.55 this morning as traffic has been limited.
Expana estimates the EU wheat production for 2026/27 at 128.7 MMT, up from the 128.6 MMT last month.
