Wheat is showing mixed trade so far on Friday morning, with the spring wheat slipping. The wheat complex bulls gathered up some steam on Thursday, with the three exchanges higher at the close. CBT soft red wheat futures closed with 8 to 10 cent gains on Thursday. Preliminary open interest suggests some short covering, down 2,372 contracts. KC HRW futures posted Thursday gains of 10 to 12 cents across most contracts on the day. Short covering was also noted in the KC market, with OI down 2,286 contracts. MPLS spring wheat futures pushed higher on Thursday, with contracts up 8 to 10 ¼ cents at the close. General support from in the commodities was noted, with a rally in the crude oil market.
International Grains Council saw 2025/26 world wheat production up 8 MMT to 827 MMT, with trade up 1 MMT, as was consumption. Stocks were raised by 5 MMT to 275 MMT, with the old crop down 3 MMT.
The French wheat crop is seen at 57% planted as of October 20, a 30 point move on the week according to the FranceAgriMer. Turkey’s wheat production estimate from the country’s data for 2025 is at 17.9 MMT, a drop of 1.7 MMT from their previous estimate.
Dec 25 CBOT Wheat closed at $5.13, up 9 1/4 cents, currently up 1/4 cent
Mar 26 CBOT Wheat closed at $5.28 1/4, up 8 3/4 cents, currently up 1/2 cent
Dec 25 KCBT Wheat closed at $5.00, up 11 1/2 cents, currently up 1 cent
Mar 26 KCBT Wheat closed at $5.17 3/4, up 10 1/2 cents, currently up 1/4 cent
Dec 25 MGEX Wheat closed at $5.58, up 10 1/4 cents, currently down 2 1/4 cents
Mar 26 MGEX Wheat closed at $5.76, up 8 1/4 cents, currently down 3/4 cent
