Wheat Getting a Friday Morning Bounce Back
Wheat is trading with gains across the three markets on Friday morning, in some cases of as much as double digits in KC. A weaker dollar is supportive. The wheat market faced losses on Thursday, spearheaded by the soft red wheat market. CBT prices were 7 to 8 cents per bushel lower. Preliminary open interest was up 13,486 contracts. KC contracts were 5 to 6 cents lower, and MPLS spring wheat was mostly 4 to 5 cents lower at the close. KC preliminary OI showed new short interest, up 3,682 contracts. A stronger US dollar index was doing the market no favors as Northern Hemisphere harvest supplies are becoming widely available. The spring wheat crop tour begins next week.
USDA released their Export Sales report on Thursday morning, with sales coming in the range of traders estimates of 300,000 to 700,000 MT, at 494,400 MT. Mexico and Venezuela were the leading destinations.
The Rosario Grains Exchange estimates the 2025/26 Argentina wheat crop at 20 MMT, vs. the 20.7 MMT reported last year. FranceAgriMer estimates the French wheat crop at 69% gd/ex, up 1 point from the previous week, with harvest moving along at 71 %, compared to 36% last week.
Sep 25 CBOT Wheat closed at $5.33 1/2, down 7 3/4 cents, currently up 9 1/2 cents
Dec 25 CBOT Wheat closed at $5.54 1/4, down 7 1/2 cents, currently up 10 cents
Sep 25 KCBT Wheat closed at $5.17 1/2, down 5 1/4 cents, currently up 11 cents
Dec 25 KCBT Wheat closed at $5.40, down 5 1/4 cents, currently up 11 1/2 cents
Sep 25 MGEX Wheat closed at $5.95, down 4 1/2 cents, currently up 3 1/2 cents
Dec 25 MGEX Wheat closed at $6.16 3/4, down 4 1/4 cents, currently up 3 cents
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.