Wheat is trading with double digit losses on Friday morning. The wheat complex faced some pressure on Thursday after rallying to fresh multi year highs overnight. Chicago SRW contracts were down 8 ½ to 13 cents at the close. Open interest was up 8,051 contracts. KC HRW futures slipped late, with contracts down 3 to 10 ¼ cents. OI rose 5,096 contracts. MPLS spring wheat was up ½ to 1 cent in the front months was back months down 2 to 5 cents
Export Sales data from FAS was out on Thursday showing just 290,016 MT of wheat sales for the week of 7/13. That was up 23.36% from last week but still less than half the same week last year. Mexico was the lead buyer of 137,600 MT, with 98,200 MT sold to Taiwan.
The annual spring wheat tour results were released on Thursday, with an average estimate of 48 bpa. That was below the 49.0 bpa last year but above the 45.8 bpa average from the last 5 years.
IKAR estimate the Russian wheat crop at 90 MMT in their latest projection, with 2026/27 exports seen at 44.5 MMT. The French wheat crop was estimated at 65% gd/ex in the latest FranceAgriMer update, though harvest was pegged at 99% complete.
Sep 26 CBOT Wheat closed at $6.96 1/4, down 9 1/2 cents, currently down 16 1/4 cents
Dec 26 CBOT Wheat closed at $7.13 3/4, down 9 cents, currently down 16 3/4 cents
Sep 26 KCBT Wheat closed at $7.59 3/4, down 3 3/4 cents, currently down 13 1/4 cents
Dec 26 KCBT Wheat closed at $7.75 3/4, down 3 1/4 cents, currently down 13 1/2 cents
Sep 26 MIAX Wheat closed at $7.30, up 1 cent, currently down 11 cents
Dec 26 MIAX Wheat closed at $7.53, up 1/2 cent, currently down 10 3/4 cents
