Wheat is trading with mostly lower trade in the winter wheat, and modest strength in spring wheat. The wheat complex closed Wednesday mostly higher, but pulling off the highs late in the day. Chicago SRW closed with contracts up 2 ¼ to 4 ¾ cents across most months. Open interest fell 3,318 contracts on Thursday. KC HRW futures were steady to 5 ¼ cents higher, with nearby July down ¼ cent. OI rose 6,734 contracts. MPLS spring wheat were mostly fractionally higher on the midweek session.
FAS will release the weekly Export Sales data this morning, as traders are looking for net reductions of 100,000 MT to sales of 100,000 MT for the final half week of the 2025/26 marketing year. New crop sales are seen in a range of 200,000 to 600,000 MT for the week of June 4.
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Wheat production will be updated at 11:00 am CDT via the monthly Crop Production report, with a Bloomberg estimate of analysts looking for 1.555 bbu of US wheat production. Winter heat is seen at an average guess of 1.04 bbu, an 8 mbu cut if realized. HRW is expected to be down 7 mbu to 508 mbu, the SRW up 1 mbu to 302. US ending stocks are seen at 941 mbu for old crop, up 6 mbu from May if realized. New crop carryout is estimated at 764 mbu, a slight 2 mbu hike.
Coceral estimates the EU and UK wheat crops at 143.7 MMT for this year, up 1.1 MMT from the previous projection. Expana estimates the EU wheat crop at 129.2 MMT, up 0.4 MMT increase from last month.
Jul 26 CBOT Wheat closed at $5.87 1/2, up 2 1/4 cents, currently down 1 1/4 cents
Sep 26 CBOT Wheat closed at $5.99 1/2, up 2 3/4 cents, currently down 1 cent
Jul 26 KCBT Wheat closed at $6.30 1/2, down 1/4 cent, currently down 1/2 cent
Sep 26 KCBT Wheat closed at $6.40 1/4, down 0 cent, currently down 1 1/4 cents
Jul 26 MIAX Wheat closed at $6.18, up 1/2 cent, currently up 1 1/2 cents
Sep 26 MIAX Wheat closed at $6.44 1/2, up 1/4 cent, currently up 1 3/4 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.