The wheat complex closed Wednesday mostly higher, but pulling off the highs late in the day. Chicago SRW closed with contracts up 2 ¼ to 4 ¾ cents across most months. KC HRW futures were steady to 5 ¼ cents higher, with nearby July down ¼ cent. up 1/2 to 1 ½ cents in the front months. MPLS spring wheat were mostly fractionally higher on the midweek session.
FAS will release the weekly Export Sales data on Thursday morning, as traders are looking for net reductions of 100,000 MT to sales of 100,000 MT for the final half week of the 2025/26 marketing year. New crop sales are seen in a range of 200,000 to 600,000 MT for the week of June 4.
Wheat production will be updated on Thursday via the monthly Crop Production report, with a Bloomberg estimate of analysts looking for 1.555 bbu of US wheat production. Winter heat is seen at an average guess of 1.04 bbu, an 8 mbu cut if realized. HRW is expected to be down 7 mbu to 508 mbu, the SRW up 1 mbu to 302. US ending stocks are seen at 941 mbu for old crop, up 6 mbu from May if realized. New crop carryout is estimated at 764 mbu, a slight 2 mbu hike.
Coceral estimates the EU and UK wheat crops at 143.7 MMT for this year, up 1.1 MMT from the previous projection.
Jul 26 CBOT Wheat closed at $5.87 1/2, up 2 1/4 cents,
Sep 26 CBOT Wheat closed at $5.99 1/2, up 2 3/4 cents,
Jul 26 KCBT Wheat closed at $6.30 1/2, down 1/4 cent,
Sep 26 KCBT Wheat closed at $6.40 1/4, down 0 cent,
Jul 26 MIAX Wheat closed at $6.18, up 1/2 cent,
Sep 26 MIAX Wheat closed at $6.44 1/2, up 1/4 cent,
