Wheat Jul '26 (ZWN26)

The wheat complex faced pressure across the three markets on Friday. Chicago SRW futures were 12 to 13 1/2 cents lower, as May fell 18 ½ cents. KC HRW futures were 21 to 21 1/2 cents in the red at the close, with May down 23 ¾ for the week. MPLS spring wheat was down 10 ¾ to 15 3/4 cents in the front months, as May slipped back 17 ½ cents from last Friday.

CFTC data from this afternoon showed a total of 9,643 contracts trimmed from the CBT wheat spec net short position as of Tuesday. A mix of new longs and fewer shorts took the net short to 12,702 contracts. In KC wheat futures and options, managed money increased their net long by just 1,301 contracts to 10,729 contracts.

USDA’s Export Sales data has wheat export commitments at 23.853 MMT, which is up 14% from last year. That is also 97% of the USDA export projection at 900 mbu and behind the 99% average sales pace. Shipment data is running ahead of schedule, at 19.279 MMT, which is 78% of USDA’s number vs. the 76% aver... Read more