Wheat is looking at 3 to 5 cent losses in the winter wheats, with spring wheat higher so far on early Thursday trade. The wheat complex led the bulls charge on Wednesday, with contracts showing double digit gains across the front months. Chicago SRW contracts were rallying, as front months were up 11 to 17 cents and deferreds 5 to 9 cents higher. Preliminary open interest suggested some short covering, down 2,912 contracts. KC HRW futures were 10 ½ to 18 3/4 cents higher. Open interest was down 5,888 contracts. MPLS spring wheat was up 9 3/4 to 13 1/4 cents at the close. The market will round out the week today, with Friday off in observance of Juneteenth.
Export Sales data will be updated this morning, with traders looking for between 300,000 and 700,000 MT in 2026/27 sales according to a Reuters survey of analysts.
The FranceAgriMer estimates the French wheat ending stocks at 3.5 MMT, a 0.22 MMT increase from the May estimate.
Algeria has purchased an estimated 800,000 MT of wheat in their tender on Wednesday.
Jul 26 CBOT Wheat closed at $6.12 3/4, up 16 3/4 cents, currently down 3 3/4 cents
Sep 26 CBOT Wheat closed at $6.21 1/4, up 17 cents, currently down 4 1/4 cents
Jul 26 KCBT Wheat closed at $6.52 1/2, up 18 3/4 cents, currently down 3 cents
Sep 26 KCBT Wheat closed at $6.59 3/4, up 18 3/4 cents, currently down 3 1/4 cents
Jul 26 MIAX Wheat closed at $6.26 1/2, up 13 1/4 cents, currently up 4 1/2 cents
Sep 26 MIAX Wheat closed at $6.48 1/4, up 13 1/4 cents, currently up 1/4 cents
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