Wheat Rallying on Friendly USDA Report Data

The wheat complex is trading with contracts higher across the three exchanges on Tuesday. Chicago SRW contracts are 10 to 11 cents higher so far at  midday. July had 25 delivery notices on first notice day. KC HRW futures are 14 to 15 cents higher at midday. There were 443 deliveries issued against July overnight. MPLS spring wheat is 8 to 9 cents higher at midday.

USDA reported a private export sale of 100,000 MT of HRS wheat to Nigeria this morning for 2026/27.

All wheat acres were tallied at 42.74 million acres in this morning’s NASS Acreage report, well below the 43.8 million acre average trade estimate and 1.035 million below March Intentions data. That came mainly on a drop to the winter wheat number, down 890,000 acres from March to 31.52 million. Harvested acres for winter wheat was down 805,000 acres to 21.12 million. Spring wheat acres were tallied just below estimates at 9.39 million acres, with durum at 1.83 million acres and shy of trade ideas. 

Quarterly Grain Stocks data showed 920 million bushels of wheat stocks on June 1, also the ending stocks total for 2025/26. That was below the 931 million bushels estimate, but still 65 mbu above last year. 

NASS Crop Progress data showed 48% of the US winter wheat crop harvested by Sunday, 9% ahead of normal. Conditions were steady at 26% gd/ex, with the Brugler500 index 2 points lower to 262. An average of the main HRW states saw a 4 point drop to 207 points, with SRW states showing a 1 point improvement at 360. The spring wheat crop was 32% headed, 2% back of the 5-year average pace. Spring wheat conditions were 59% gd/ex, up 5%, with the Brugler500 4 points higher to 355. Improvement was noted in ND (+6), ID (+5), MT (+4), and MN (+3), with WA the only state to see deterioration, down 4 points.

A South Korean mill importer purchased a total of 100,000 MT of wheat in their tender, all from the US. EU soft wheat exports from July 1 last year to June 28 have totaled 23.17 MMT according to European Commission Data, up 1.7 MMT from the year prior. 

Canadian wheat acreage was tallied at 25.33 million acres according to Statistics Canada data released this morning, a 5.9% drop from last year. Spring wheat acres were down 3.9% at 18.067 million acres, with durum wheat dropping 10.3% to 5.86 million acres.

Jul 26 CBOT Wheat  is at $5.80 1/2, up 11 cents,

Sep 26 CBOT Wheat  is at $5.89 3/4, up 10 cents,

Jul 26 KCBT Wheat  is at $6.14 1/2, up 14 1/2 cents,

Sep 26 KCBT Wheat  is at $6.29 3/4, up 15 cents,

Jul 26 MIAX Wheat  is at $5.74 1/2, up 28 3/4 cents,

Sep 26 MIAX Wheat  is at $6.09 3/4, up 9 cents,