Wheat is mostly lower early on Thursday morning. The wheat complex followed Tuesday’s limit gains with the three exchanges lower on Wednesday. Chicago SRW futures closed with contracts steady to 3 ½ cents lower. Open interest was up 3,742 contracts. KC HRW futures were down 4 ¾ to 7 ¾ cents at the close. OI rose 1,522 contracts on Wednesday. MPLS spring wheat was down 4 to 4 ¼ cents across most contracts. There were 19 deliveries against May CBT wheat overnight. May expires today.
Day 2 of the Kansas Wheat Quality Tour showed an average of 39.3 bpa yield, the lowest day 2 total for the tour since 2023 and below the 53.3 bpa last year. Thursday is the final day of the tour with the average released later in the day.
USDA’s Export Sales report will be out this morning with analysts looking for 2025/26 sales in a range of 50,000-150,000 MT. Sales for new crop are seen in a range of 100,000 MT to 350,00 MT.
Expana raised their outlook for 2026/27 EU wheat production by 0.1 MMT from last month to 128.8 MMT. The Rosario Grains Exchanges projects the 2026/27 Argentina wheat crop at 18-19 MMT, a sharp decline from 29.5 MMT in the year prior.
Jul 26 CBOT Wheat closed at $6.75 1/2, down 3 1/2 cents, currently down 5 1/2 cents
Sep 26 CBOT Wheat closed at $6.88 1/4, down 3 1/4 cents, currently down 6 cents
Jul 26 KCBT Wheat closed at $7.24 3/4, down 6 1/2 cents, currently down 7 1/2 cents
Sep 26 KCBT Wheat closed at $7.36, down 6 1/4 cents, currently down 7 3/4 cents
Jul 26 MIAX Wheat closed at $7.20 3/4, down 4 1/4 cents, currently down 1/2 cents
Sep 26 MIAX Wheat closed at $7.41 3/4, down 4 cents, currently down 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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