Wheat Posting Mixed Trade on Thursday Morning

Wheat is showing mixed action on Thursday AM trade, with CBT the strongest. The wheat complex saw weakness on Wednesday. Crude oil losses of $4.48 on Wednesday continued to be a pressure factor, but are bouncing $2.74 this morning. Chicago SRW futures were 10 to 13 cents lower at the close. Open interest suggested longs were exiting, down 4,384 contracts. KC HRW futures saw Wednesday losses of 2 ½ to 7 ½ cents. MPLS spring wheat posted 2 to 11 cent losses on the session

Crop Progress data showed the US spring wheat crop at 89% planted, 7 percentage points ahead of the 5-year average pace of 79%. Emergence was pegged at 56%. Montana was the only state to lag behind their normal emergence. 

The winter wheat crop was at 78% headed, which was 8 percentage points head of normal. Condition ratings were down 1% to 26% gd/ex. The Brugler500 index was down 3 points to 268. The average of the main HRW states was 218, down another 2, the lowest for this specific week on record. The average of the SRW states was up 1 point to 360. 

A South Korean flour mill purchased 100,000 MT of wheat from the US and Canada (50/50), in their tender overnight. SovEcon estimates the 2026 Russian wheat crop at 90.3 MMT, a 0.6 MMT hike from their previous number. 

Jul 26 CBOT Wheat  closed at $6.22 1/2, down 13 cents, currently up 4 cents

Sep 26 CBOT Wheat  closed at $6.35 3/4, down 12 1/2 cents, currently up 4 cents

Jul 26 KCBT Wheat  closed at $6.69 3/4, down 6 1/2 cents, currently down 1 1/2 cents

Sep 26 KCBT Wheat  closed at $6.81 1/2, down 6 1/2 cents, currently down 1 3/4 cents

Jul 26 MIAX Wheat  closed at $6.81 3/4, down 11 cents, currently down 1/4 cents

Sep 26 MIAX Wheat  closed at $7.05 1/4, down 9 cents, currently down 3/4 cents