Wheat Slipping on Friday Morning

Wheat is showing 1 to 3 cent lower trade action on Friday morning. The wheat complex was under pressure across the three exchanges on Thursday. Chicago SRW futures were 5 to 13 cents in the red on the day. Open interest implied new selling interest, up 4,868 contracts. KC HRW futures were 5 ¼ to 11 ¾ cents lower into the final bell on Thursday.  OI was up 2,317 contracts. MPLS spring wheat was down 4 ¼ to 6 cents at the close. The CBoT will be closed on Monday for Memorial Day, with the Tuesday session showing a normal open.

Export Sales data from Thursday indicated 166,342 MT of old crop wheat sold in the week of 5/14. That was a 3-week high and well above the net cancellations from the same week last year. The MY ends in 10 days. Japan was the largest buyer of 98,300 MT, with 60,000 MT sold to Panama. Sales for 2026/27 were at 130,488 MT. That was back below last week’s total and well below the same week last year. Unknown destination was the buyer of 51,500 MT, with 38,800 MT sold to Mexico.

The French soft wheat crop is estimated at 80% in good/excellent conditions according to the FranceAgriMer, steady with the week prior. Durum was rated at 71% gd/ex.

Late on Thursday, Argentina cut their wheat export tax from 7.5% to 5.5%.

Jul 26 CBOT Wheat  closed at $6.47 1/2, down 13 cents, currently down 1 3/4 cents

Sep 26 CBOT Wheat  closed at $6.61, down 12 1/2 cents, currently down 2 1/4 cents

Jul 26 KCBT Wheat  closed at $6.87, down 11 3/4 cents, currently down 3 cents

Sep 26 KCBT Wheat  closed at $6.97 3/4, down 11 1/2 cents, currently down 3 cents

Jul 26 MIAX Wheat  closed at $6.90 1/4, down 4 1/4 cents, currently down 1 1/2 cents

Sep 26 MIAX Wheat  closed at $7.11, down 5 1/4 cents, currently down 2 cents