Wheat Falls into the End of the Month

The wheat complex fell double digits across most contracts on Friday. Crude Oil was a pressure factor, down $1.14/bbl, money was flowing out ahead of the weekend, with the President looking over the proposed agreement between the US and Iran. Chicago SRW futures were down 10 to 13 cents in most contracts, with July down 35 ¾ cents this week. KC HRW futures were 12 to 15 1/2 cents in the red, as July fell 32 ¾ cents on the week. MPLS spring wheat is down 12 to 13 1/2 cents on the session, with July falling 25 ¾ cents since last Friday

USDA released Export Sales data this morning, showing a total of 807,348 MT in net cancellations for old crop, a MY low. Some of that was likely rolled to 2026/27, as Japan saw net reductions of 171,600 MT, with 108,500 MT cancelled for Panama and 103,300 MT cancelled for Mexico.  New crop business was tallied at 1.058 MMT, a MY high and 48.66% above the same week last year. Japan was the top buyer of 252,100 MT, with 166,900 MT purchased by the Philippines, and 125,600 MT sold to Mexico. 

Weekly CFTC data indicated managed money adding 13,907 contracts of futures and options to the CBT wheat net short as of Tuesday to 18,706 contracts. Spec funds were trimming their KC wheat net long by 3,205 contracts, in that week, taking it to 26,870 contracts.

Russia’s ag ministry estimates the country’s wheat exports at 50 MMT for 2025/26. The French wheat crop saw a 3% drop in ratings at 78% gd/ex, according to the FranceAgriMer.

Jul 26 CBOT Wheat  closed at $6.10 1/2, down 13 1/2 cents,

Sep 26 CBOT Wheat  closed at $6.23 1/2, down 13 1/2 cents,

Jul 26 KCBT Wheat  closed at $6.49 3/4, down 15 1/2 cents,

Sep 26 KCBT Wheat  closed at $6.61 1/2, down 15 1/4 cents,

Jul 26 MIAX Wheat  closed at $6.64 3/4, down 13 1/2 cents,

Sep 26 MIAX Wheat  closed at $6.89 1/2, down 13 1/2 cents,