Wheat Extends to 3-year Highs on Thursday

Wheat is extending the rally to Friday, with contracts 6 to 11 cents higher. The wheat complex pushed the recent strength to 3-year highs in the winter wheat exchanges on Thursday. Chicago SRW contracts ended the session with contracts 8 to 12 ½ cents higher. Open interest was up 4,998 contracts on Thursday, with September down 6,943 ahead of FND on Monday. KC HRW futures posted gains of 10 to 13 ¼ cents on Thursday. OI was up just 1,468 contracts. MPLS spring wheat saw 5 to 11 ¼ cent gains to close the day.

The Black Sea conflict continues to remain elevated following Wednesday’s reports that Russia is looking to escalate. The next 4 month period is normally peak shipment season. 

Export Sales data from this morning showed a total of 402,531 MT of 2026/27 wheat sold in the week of 8/20. That was a 9-week high but still 30.57% below the same week last year. Mexico was the top buyer of 78,500 MT, with 71,900 MT sold to Japan and 65,000 MT to Vietnam

EU wheat production was estimated at 124.2 MMT according to the European Commission, down 0.2 MMT from last month. Ending stocks are seen at 11.3 MMT, a drop of 1.6 MMT from last month’s estimate.

Ukraine’s Ag minister expects that the 2027 winter wheat crop “will definitely” be down from the 4.7 million hectares 11.61 million acres.

Sep 26 CBOT Wheat  closed at $7.42 3/4, up 12 1/4 cents, currently up 10 1/4 cents

Dec 26 CBOT Wheat  closed at $7.60 3/4, up 12 1/2 cents, currently up 10 1/2 cents

Sep 26 KCBT Wheat  closed at $8.03 1/2, up 11 1/2 cents, currently up 9 1/4 cents

Dec 26 KCBT Wheat  closed at $8.22, up 13 1/4 cents, currently up 11 1/2 cents

Sep 26 MIAX Wheat  closed at $7.33 3/4, up 38 3/4 cents, currently up 1/2 cent

Dec 26 MIAX Wheat  closed at $7.58 3/4, up 37 3/4 cents, currently up 6 cents