The wheat complex posted marginally mixed trade on Thursday, with the hard red contracts higher. Chicago SRW was the weak spot, with fractional to 4 cent Thursday losses. KC HRW futures led the way higher, up 3/4 to 4 cents in the front months. MPLS spring wheat contracts were up 1 1/2 to 3 3/4 cents at the close.
FAS released their weekly Export Sales data this morning, with old crop sales of 95,094 MT for the last 4 day of the 2025/26 marketing year. There were 298,570 MT in unshipped sales carried over from that marketing year. New crop sales exceeded the trade estimates at 666,259 MT in that week. Mexico was the top buyer of 143,100 MT, with 118,500 MT sold to Taiwan, and 116,900 MT to the Philippines.
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Wheat production via the monthly Crop Production report was shown at 1.029 bbu for winter wheat, an 18 mbu cut from last month and below estimates. Yield was trimmed by 0.8 bpa to 46.8 bpa, as harvested acres were left unchanged. Much of the production cut was via HRW, down 18 mbu to 496.9 mbu, with SRW trimmed by 0.6 mbu to 300.25 mbu and white winter up 0.7 mbu to 232.59 mbu is expected to be down 7 mbu to 508 mbu, the SRW up 1 mbu to 302.
In the WASDE, old crop US stocks were steady at 935 mbu with new crop US carryout cut y 18 mbu to 744 mbu, all due to the production drop. World carryout for 2025/26 was up 0.74 MMT to 279.95 MMT. New crop was up 0.38 MMT to 275.42 MMT. Australia production was down 2 MMT to 28 MMT, with Russia up 2 MMT to 88 MMT.
Expana estimates the EU wheat crop at 129.2 MMT, up 0.4 MMT increase from last month.
Jul 26 CBOT Wheat closed at $5.86 3/4, down 3/4 cent,
Sep 26 CBOT Wheat closed at $5.98 1/4, down 1 1/4 cents,
Jul 26 KCBT Wheat closed at $6.34 3/4, up 4 1/4 cents,
Sep 26 KCBT Wheat closed at $6.41 1/4, up 1 cent,
Jul 26 MIAX Wheat closed at $6.20 1/2, up 1 1/2 cents,
Sep 26 MIAX Wheat closed at $6.46 1/2, up 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.