Wheat is trading with mostly lower trade in early Friday action, as the market looks to close out May. The wheat complex saw some late session strength on Thursday. Chicago SRW futures were fractionally to 1 ½ cents higher. Open interest was up 3,375 contracts. KC HRW futures were 3 to 5 cents in the red at the close. OI suggested modest long liquidation, down 1,073 contracts. MPLS spring wheat was down 2 to 3 1/2 cents on the session.
Crude oil was down 15 cents at the close as several outlets were reporting the US and Iran were coming to an agreement to open the Strait of Hormuz and extend the ceasefire.
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USDA will release Export Sales data on Friday, due to the Monday holiday. Analysts are looking for old crop wheat sales to be 0 to 200,000 MT in the week of 5/21, with new crop seen 100,000-300,000 MT.
The Buenos Aires Grains Exchange estimates the Argentina wheat crop at 14.2% planted. Russia’s ag ministry estimates the country’s wheat exports at 50 MMT for 2025/26. The French wheat crop saw a 3% drop in ratings at 78% gd/ex, according to the FranceAgriMer.
Jul 26 CBOT Wheat is at $6.24, up 1 1/2 cents, currently down 1/2 cents
Sep 26 CBOT Wheat is at $6.37, up 1 1/4 cents, currently down 1 1/4 cents
Jul 26 KCBT Wheat is at $6.65 1/4, down 4 1/2 cents, currently down 3 1/4 cents
Sep 26 KCBT Wheat is at $6.76 3/4, down 4 3/4 cents, currently down 4 cents
Jul 26 MIAX Wheat is at $6.77 1/4, down 3 1/2 cents, currently up 1/2 cents
Sep 26 MIAX Wheat is at $7.02, down 3 1/4 cents, currently up 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.
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