Wheat Extending Post-USDA Report Gains to Wednesday

The wheat complex is trading with midday gains on Wednesday. Chicago SRW contracts are showing 11 to 12 cent gains on Wednesday. There were 25 deliveries issued against July futures overnight.  KC HRW futures are 8 to 9 cents higher so far on the day. There were 346 deliveries issued against July. MPLS spring wheat is up 10 to 11 ¼ cents in the front months.  

USDA’s weekly Export Sales report will be out on Thursday, as traders are looking for between 300,000 and 600,000 MT of 2026/27 wheat sales in the week of June 26. 

All wheat acres were tallied at 42.74 million acres in Tuesday 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. 

Jul 26 CBOT Wheat  is at $5.92 1/4, up 11 1/2 cents,

Sep 26 CBOT Wheat  is at $6.00 3/4, up 11 1/2 cents,

Jul 26 KCBT Wheat  is at $6.20, up 9 cents,

Sep 26 KCBT Wheat  is at $6.33 1/4, up 8 cents,

Jul 26 MIAX Wheat  is at $5.87 3/4, up 11 1/4 cents,

Sep 26 MIAX Wheat  is at $6.17 1/4, up 10 3/4 cents,