Wheat is trading with early Thursday morning gains across the winter wheat, with spring wheat steady. The wheat complex closed Wednesday with a slight bounce across the three exchanges. Chicago SRW futures posted 2 cent gains across the front months. Open interest was up 4,478 contracts on Wednesday. KC HRW futures saw 2 to 3 cent higher trade on Wednesday. Preliminary OI was up 2,575 contracts. MPLS spring wheat showed fractional gains at the Wednesday close.
The 7-day forecast from NOAA shows very little precip in the Southern Plains over the next week, with light totals in the SRW area.
Export Sales data will be out this morning as traders are looking for between 100,000-450,000 MT in 2025/26 wheat bookings in the week of 1/8. Sales for 2026/27 are estimated at 0-50,000 MT.
Saudi Arabia issued a tender to buy 595,000 MT of wheat, with a Friday deadline. A South Korean importer purchased 50,000 MT of US wheat in an overnight tender.
Expana increased their EU wheat production forecast by 0.3 MMT to 128.6 MMT, but also trimmed their export projection by 1.2 MMT to 28.8 MMT.
Mar 26 CBOT Wheat closed at $5.12 1/2, up 2 cents, currently up 4 1/2 cents
May 26 CBOT Wheat closed at $5.23 3/4, up 2 cents, currently up 4 1/4 cents
Mar 26 KCBT Wheat closed at $5.22 1/4, up 2 3/4 cents, currently up 5 1/4 cents
May 26 KCBT Wheat closed at $5.33 1/2, up 2 1/4 cents, currently up 5 cents
Mar 26 MIAX Wheat closed at $5.67, up 1/2 cent, currently up 1/4 cent
May 26 MIAX Wheat closed at $5.78 1/4, up 3/4 cent, currently unch
