Wheat Easing Back Lower to Kick Off Friday
Wheat is trading with slight weakness across most contracts on Friday morning. Traders were busy squaring up ahead of the month end on Friday, as the three wheat exchanges were mostly higher. CBT soft red wheat futures were up 4 to 8 cents across the front months. Preliminary open interest suggested some short covering, down 10,649 contracts. KC HRW futures were 1 to 3 cents higher on the day. There were 328 deliveries issued against September KC overnight. MPLS spring wheat was up fractionally to 4 ¼ cents in the September contract. Friday is first notice day.
Thursday morning’s Export Sales report showed wheat sales of 579,794 MT in the week ending on August 21, a 11.55% jump from last week. The largest buyer was Vietnam of 156,800 MT, with 106,000 MT sold to Nigeria and Mexico buying 94,200 MT. There was 139,600 MT reported in net cancellations for unknown destinations mainly switched to a destination.
Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis.
Canadian wheat production is estimated at 35.548 MMT in total, shy of the 35.9 MMT average trade guess. That is down 1.1% from last year. Spring wheat is estimated down 2% to 25.992 MMT. The European Commission estimates the 2025/26 wheat crop at 128.1 MMT, up 0.8 MMT from last month’s number. Stocks are expected to be up 0.5 MMT to 7.6 MMT.
Sep 25 CBOT Wheat closed at $5.10 1/4, up 8 cents, currently up 1/4 cent
Dec 25 CBOT Wheat closed at $5.29, up 4 3/4 cents, currently down 1 cent
Sep 25 KCBT Wheat closed at $4.86 3/4, up 1 1/4 cents, currently down 1 1/2 cents
Dec 25 KCBT Wheat closed at $5.15 3/4, up 2 3/4 cents, currently down 1 1/2 cents
Sep 25 MGEX Wheat closed at $5.55 1/4, up 4 1/4 cents, currently down 5 1/4 cents
Dec 25 MGEX Wheat closed at $5.77 1/4, up 1/2 cent, currently down 1/2 cent
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
