Wheat Mixed at Midday

The wheat complex is showing mixed trade on Thursday, with KC weaker. Chicago SRW futures are 3 to 4 cents higher so far on Thursday. KC HRW futures are down 2 to 4 cents in the nearbys. MPLS spring wheat is 2 to 3 cents higher in the front months.

Export Sales data from this morning showed 189,887 MT of old crop wheat sold in the week ending on March 12, below trade estimates of 300,000 MT to 550,000 MT. That was a 58.31% drop from last week but week above last year’s net reductions for this week. New crop business was tallied at 212,059 MT, exceeding trade ideas of 0-50,000 MT. That was still 56.82% below last year. 

Taiwan importers purchased a total of 105,025 MT of US wheat in a tender overnight. SovEcon estimates the 2026 Russian wheat crop at 87.6 MMT, a 1.7 MMT increase from their previous number.

International Grains Council data showed 2025/26 world wheat production at 845 MMT, up 3 MMT from last month, as use was raised by 2 MMT to 825 MMT. Old crop stocks are seen at 283 MMT, up 1 MMT month/month. The new crop balance sheet shows production dropping 23 MMT yr/yr to 822 MMT, with demand up 6 MMT, and stocks trimmed by 6 MMT to 276 MMT.

May 26 CBOT Wheat  is at $6.07 1/4, up 3 cents,

Jul 26 CBOT Wheat  is at $6.18 3/4, up 3 1/4 cents,

May 26 KCBT Wheat  is at $6.22 3/4, down 3 1/4 cents,

Jul 26 KCBT Wheat  is at $6.37 3/4, down 2 3/4 cents,

May 26 MIAX Wheat  is at $6.40 1/4, up 3 cents,

Jul 26 MIAX Wheat  is at $6.53 3/4, up 2 1/2 cents,