Wheat Longs Retreat on Thursday

The wheat complex was under pressure with the rest of the grains on Thursday, as the Trump/Xi meeting yielded very few headlines for any potential ag purchases. Chicago SRW futures were down 11 3/4 to 18 cents in the front months. KC HRW futures were leading the charge, with 11 1/4 to 20 cent losses. MPLS spring wheat was 15 3/4 to 17 3/4 cents lower on Thursday. May expired today. 

The Kansas Wheat Quality Tour was completed on Thursday, with an average yield of 38.9 bpa. That was the lowest average yield for the tour since 2023, and the second lowest since 2018. The production total was 218 mbu, which compares to the 214 mbu from USDA on Tuesday.

USDA’s Export Sales report from this morning showed 133,485 MT in old crop wheat sales. That was back up from last week and well above the same week last year. Indonesia was the buyer of 70,000 MT, with the Philippines buying 56,000 MT. Sales for new crop were seen at 221,143 MT. That was the second largest total for the marketing year but down 70.36% from the same week last year. Mexico was the buyer of 79,200 MT, with 66,500 MT sold to the Philippines.

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. The Buenos Aires Grains Exchange estimates the crop at 21.3 MMT.

Jul 26 CBOT Wheat  closed at $6.58, down 17 1/2 cents,

Sep 26 CBOT Wheat  closed at $6.71 3/4, down 16 1/2 cents,

Jul 26 KCBT Wheat  closed at $7.05 1/4, down 19 1/2 cents,

Sep 26 KCBT Wheat  closed at $7.16, down 20 cents,

Jul 26 MIAX Wheat  closed at $7.03 1/2, down 17 1/4 cents,

Sep 26 MIAX Wheat  closed at $7.23, down 17 3/4 cents,