The wheat market is rallying across the three markets on Wednesday, as shorts are covering at midday. Chicago SRW futures are 23 to 24 cents higher in the front months at midday. Kansas City HRW contracts are posting sharp 20 to 22 cent gains in the front months. Minneapolis spring wheat futures are 15 to 17 cents in the green at midday.
The markets will be closed on Thursday in observance of Juneteenth, with the government closed as well and reports pushed back a day.
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Export Sales data will be released on Friday morning, with 300,000 MT to 600,000 MT of 2025/26 wheat sold in the week ending on June 12.
The French soft wheat ending stocks estimate from FranceAgriMer was trimmed by 0.14 MMT from last month to 2.48 MMT. Algeria has purchased a reported 550,000-570,000 MT in a tender on Tuesday.
The Krasnodar region in Russia, a large wheat producing region, has declared a drought emergency, following a similar move from the Rostov region last week.
Jul 25 CBOT Wheat is at $5.72 1/2, up 23 1/2 cents,
Sep 25 CBOT Wheat is at $5.88 3/4, up 23 1/4 cents,
Jul 25 KCBT Wheat is at $5.68 1/4, up 20 1/2 cents,
Sep 25 KCBT Wheat is at $5.83 3/4, up 21 1/4 cents,
Jul 25 MGEX Wheat is at $6.46, up 15 1/4 cents,
Sep 25 MGEX Wheat is at $6.60 1/2, up 16 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
