Wheat is giving back some of the big Wednesday gains here on Friday, mostly down 3 to 5 cents at midday. The wheat market was rallying at a double digit pace across the three markets on Wednesday, as shorts were busy covering their large positions amid heat and dryness concerns in Europe and wet weather delays in Kansas. July options expire today.
Export Sales data from this morning showed 427,170 MT of wheat sales for the 2025/26 marketing year in the week of June 12, in the middle of the trade estimates of 300,000 MT to 600,000 MT. That was improved from the week prior, but 27.56% shy of the same week last year.
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The past couple days have seen drier weather in parts of the Southern Plains, with the forecast calling for very little precip, with exception to parts of northwest KS. There was very little harvest activity on a run from Wichita through Abilene and up into NE on Thursday, due to wet soils. Some districts in the Krasnodar region in Russia, a large wheat producing region, have declared a drought emergency, following a similar move in the Rostov region last week. Russia is still officially expecting both production (90 MMT per the ag minister) and wheat exports to be above year ago.
The French soft wheat crop is estimated at 68% good/excellent according to FranceAgriMer, down 2 points from last week.
| Jul 25 CBOT Wheat | is at $5.70 1/4, down 4 cents, |
| Sep 25 CBOT Wheat | is at $5.86, down 4 1/2 cents, |
| Jul 25 KCBT Wheat | is at $5.65 1/4, down 6 cents, |
| Sep 25 KCBT Wheat | is at $5.80 3/4, down 5 3/4 cents, |
| Jul 25 MGEX Wheat | is at $6.40 3/4, down 5 1/2 cents, |
| Sep 25 MGEX Wheat | is at $6.58, down 3 1/2 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.
