The wheat complex is facing pressure on Thursday’s midday. Chicago SRW futures are down 18 to 29 cents in the front months. KC HRW futures are leading the charge, with 20 to 22 cent losses. MPLS spring wheat is trading with 17 to 19 cent losses at midday. There were 19 deliveries against May CBT wheat overnight. May expires today.
Day 2 of the Kansas Wheat Quality Tour showed an average of 39.3 bpa yield, the lowest day 2 total for the tour since 2023 and below the 53.3 bpa last year. Thursday is the final day of the tour with the average released later in the day.
USDA’s Export Sales report from this morning showed 133,485 MT in old crop wheat sales, on the higher end of analysts looking for 50,000-150,000 MT. That was back up from last week and well above the same week last year. Sales for new crop were seen at 221,143 MT, which was in the middle of the expected 100,000 MT to 350,00 MT. That was the second largest total for the marketing year but down 70.36% from the same week last year.
Expana raised their outlook for 2026/27 EU wheat production by 0.1 MMT from last month to 128.8 MMT. The Rosario Grains Exchanges projects the 2026/27 Argentina wheat crop at 18-19 MMT, a sharp decline from 29.5 MMT in the year prior. The Buenos Aires Grains Exchange estimates the crop at 21.3 MMT.
Jul 26 CBOT Wheat is at $6.56, down 19 1/2 cents,
Sep 26 CBOT Wheat is at $6.70, down 18 1/4 cents,
Jul 26 KCBT Wheat is at $7.02 1/2, down 22 1/4 cents,
Sep 26 KCBT Wheat is at $7.14, down 22 cents,
Jul 26 MIAX Wheat is at $7.02 1/4, down 17 1/2 cents,
Sep 26 MIAX Wheat is at $7.22 1/2, down 18 1/4 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.
