Wheat is showing another round of mixed trade, as KC is holding the market up and Chicago is interested interesting old lows. The wheat complex posted mixed action on Wednesday, the hard red contracts were held up into the close. Chicago SRW futures were the weakest, down 5 to 6 cents at the close. Preliminary open interest suggested net new selling, up 9,946 contracts on Wednesday. KC contracts were up 2 to 4 cents on the day. Wednesday’s Preliminary OI indicated some short covering, down 1,879 contracts. MPLS spring wheat was fractionally mixed across the nearby contracts.
Export Sales estimates are calling for 300,000 to 700,000 MT of wheat sales on the week ending on July 24. The data will be released on Thursday morning.
Late on Wednesday, President Trump announced a trade deal with South Korea, setting the US tariff on South Korean goods at 15%.
Sovecon estimate the Russian wheat export total for 2025/26 at 43.3 MMT, up from the 38.3 MMT previous estimate. Production was up 0.6 MMT to 83.6 MMT.
Sep 25 CBOT Wheat closed at $5.23 3/4, down 6 cents, currently down 1/2 cent
Dec 25 CBOT Wheat closed at $5.44 1/4, down 5 3/4 cents, currently down 1 1/4 cents
Sep 25 KCBT Wheat closed at $5.22, up 3 1/2 cents, currently up 2 1/2 cents
Dec 25 KCBT Wheat closed at $5.42 1/4, up 2 3/4 cents, currently up 2 cents
Sep 25 MGEX Wheat closed at $5.77 1/4, down 1/4 cent, currently down 1 1/4 cents
Dec 25 MGEX Wheat closed at $6.00, unch, currently down 1/4 cent
