Wheat is trading higher on Friday AM trade, with the three exchanges posting gains. The wheat complex extended the weakness on Thursday, with losses across the three markets. Chicago SRW futures fell 5 1/2 to 7 1/2 cents on Thursday. Open interest was down 1,699 contracts, mainly in the July contract (-10,636 contracts). KC HRW futures were 3 to 5 cents in the red at the close. OI dropped 5,984 contracts on Thursday. MPLS spring wheat was fractionally to 5 ¼ cents lower on Thursday. Crude oil losses of $3.11 added some pressure.
USDA Export Sales data showed 642,239 MT in net cancellation for 2025/26 for the week of 5/28. The marketing year ended on Sunday. The Philippines showed net cancellations of 224,100 MT, with 155,200 MT in reductions for unknown, and -104,900 MT for Japan. Sales for 2026/27 were tallied at 838,507 MT, as some of the old crop cancellation was likely rolled to new crop. The largest new crop buyers were South Korea at 202,100 MT, with 156,000 MT for the Philippines and 154,300 MT sold to unknown destination.
