Wheat is trading with mixed action on Monday morning, with contracts withing a couple cents of unchanged. The wheat complex was in rally mode on Friday, closing with double digit strength across the three exchanges. Chicago SRW contracts was 15 ¼ to 20 ¾ cents in the green on the day, with nearby September up 40 ½ cents on the week. Open interest was down just 574 contracts on Friday. KC HRW futures were up 17 ¾ to 22 cents at the close, with September rallying 37 3/4 cents last week. OI was up 1,813 contracts. MPLS spring wheat was 11 ½ to 14 ¼ cents higher on the session, with September up 33 ¾ cents from last week’s close.
Wheat gained steam on Friday after reports that Russia is restricted export flows through Don-Azov channel. The Sea of Azov accounts for nearly a quarter of Russia’s wheat shipments exit the region.
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Crop Production data was updated on Friday with all wheat production down just 7 mbu to 1.536 bbu. All winter wheat production was below estimates at 990 mbu, a 40 mbu drop from last month, with spring wheat at 475 mbu and larger than expected. In the WASDE, traders saw US carryout to be down 22 mbu to 722 mbu. That was partially due to production, with carryover dropped 15 mbu from 2025/26.
USDA’s WASDE report showed world stocks down 2.78 MMT to 272.84 MMT. That was partially due to the US, with Argentina down 0.5 MMT, Canada dropping 0.42 MMT, and the EU 0.3 MMT lower.
Weekly Commitment of Traders data indicated managed money in CBT wheat futures and options backing off their net short by 6,705 contracts in the week ending on July 7, taking it to 62,325 contracts. In KC wheat, they added another 4,845 contracts to their net long, now at 11,764 contracts.
Sep 26 CBOT Wheat closed at $6.40 1/4, up 20 1/2 cents, currently up 2 1/2 cents
Dec 26 CBOT Wheat closed at $6.54 1/2, up 20 1/2 cents, currently down 1 cent
Sep 26 KCBT Wheat closed at $6.76 1/4, up 22 cents, currently down 1 cent
Dec 26 KCBT Wheat closed at $6.90 1/4, up 22 cents, currently down 1 1/4 cents
Sep 26 MIAX Wheat closed at $6.53 1/2, up 13 1/2 cents, currently unch
Dec 26 MIAX Wheat closed at $6.74 1/4, up 14 cents, currently up 2 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.