Wheat Holding Steady to Start Monday Trade

Wheat is showing firmer trader so far on Monday morning, with contracts trading slightly on either side of unchanged. The wheat market closed with weakness across the three exchanges on Friday. Chicago SRW futures were falling back 3 to 5 cents on the session. Preliminary open interest was up 9,773 contracts on Friday. Kansas City HRW contracts were leading the charge lower, with contracts down 14 to 15 cents. Preliminary open interest showed net new selling, up 8,552 contracts. MPLS spring wheat is down 6 to 8 cents across the front months.

The Friday afternoon Commitment of Traders data from CFTC showed speculators in Chicago wheat adding 11,919 contracts to their net short as of Tuesday to 92,587 contracts. In KC, they were trimming that large net short by 1,213 contracts to 45,450 contracts by March 25.

NASS will report the March 1 Grain Stocks data next Monday, with a Bloomberg survey of traders looking for 1.221 bbu of wheat on hand on average. The range is from 1.169 to 1.26 bbu for the March 1 total. 

Russian wheat crop estimates for 2025/26 were trimmed by Argus, down 1.2 MMT from their prior estimate to 80.3 MMT.

May 25 CBOT Wheat  closed at $5.28 1/4, down 3 3/4 cents, currently up 1/4 cent

Jul 25 CBOT Wheat  closed at $5.42 3/4, down 4 1/2 cents, currently down 1/4 cent

May 25 KCBT Wheat  closed at $5.51 3/4, down 14 1/2 cents, currently down 1 1/2 cents

Jul 25 KCBT Wheat  closed at $5.65 1/2, down 14 1/4 cents, currently down 1 1/2 cents

May 25 MGEX Wheat  closed at $5.81, down 7 1/2 cents, currently unch

Jul 25 MGEX Wheat  closed at $5.96 1/2, down 6 3/4 cents, currently up 1/2 cent