Wheat is posting 5 to 6 cent gains across most contracts on Thursday morning. The wheat complex was in bounce back mode on Wednesday, with gains across all three markets. Chicago SRW futures were up 9 to 10 cents at the close. Open interest was down 3,094 contracts, mostly in the March (-10,733), with the rest of the front months seeing rising OI. KC HRW futures led the bull’s charge, with contracts up 11 to 12 ¼ cents in the nearbys. Open interest was up 1,648 contracts. MPLS spring wheat saw strength, with contracts 5 to 6 cents higher.
The annual Ag Outlook Forum from USDA released initial armchair estimates for the 2026 wheat crop this morning, with planted acreage estimated at 45 million acres. Production is seen at 1.860 bbu, with yield at 50.8 bpa.
The forecast for the next week calls for light precip totals in SRW area, with the Southern Plains remaining dry.
Mar 26 CBOT Wheat closed at $5.47, up 9 1/4 cents, currently up 6 cents
May 26 CBOT Wheat closed at $5.52 1/2, up 10 cents, currently up 5 3/4 cents
Mar 26 KCBT Wheat closed at $5.51, up 12 1/4 cents, currently up 5 1/4 cents
May 26 KCBT Wheat closed at $5.61 3/4, up 11 1/4 cents, currently up 5 1/2 cents
Mar 26 MIAX Wheat closed at $5.74, up 5 3/4 cents, currently up 2 cents
May 26 MIAX Wheat closed at $5.85, up 5 cents, currently up 2 3/4 cents
