Wheat is trading with most contracts within a penny of unchanged. The wheat complex found some strength on Wednesday. Chicago SRW futures closed out the session with strength as front months were up 5 to 9 cents. Open interest suggested short covering, dropping 24,052 contracts. KC HRW futures were up 5 to 8 cents on Wednesday. MPLS spring wheat was 2 to 4 ¼ cents higher on the session.
Export Sales data from USDA will be out on Thursday morning, with traders looking for between 200,000 and 500,000 MT in old crop wheat bookings in the week of February 5. Sales for new crop are estimated to range 0-75,000 MT.
French soft wheat exports outside the EU are estimated at 7.2 MMT for 2025/26 according to FrancAgriMer data released this morning, down 0.3 MMT from the January number. They estimate the French wheat ending stocks at 3.05 MMT, up 0.25 MMT last month.
Expana estimates the EU wheat crop at 128.3 MMT for 2026/27, a 0.5 MMT reduction from last month. Exports for 2025/26 were cut by 1.2 MMT to 27.6 MMT.
Mar 26 CBOT Wheat closed at $5.37 1/4, up 9 cents, currently unch
May 26 CBOT Wheat closed at $5.45 1/4, up 7 1/4 cents, currently down ½ cent
Mar 26 KCBT Wheat closed at $5.38 1/2, up 8 cents, currently up 1 cent
May 26 KCBT Wheat closed at $5.51 3/4, up 7 3/4 cents, currently unch
Mar 26 MIAX Wheat closed at $5.70 1/4, up 2 cents, currently up 1 cent
May 26 MIAX Wheat closed at $5.82, up 2 1/2 cents, currently up ¾ cent
