Wheat is in rally mode on Monday morning, with contracts up double digits in the winer wheat months. The wheat complex is mixed at midday, with the winter wheats showing the strength. CBT soft red wheat was fractionally mixed, with nearbys lower and deferreds higher. December was 8 ¾ cents higher on the week. Friday’s preliminary open interest was down 11,353 contracts. KC HRW futures saw Friday gains of 1 to 1 1/2 cents, as December posted a dime gain since last Friday. OI dropped 5,980 contracts on Friday. MPLS spring wheat futures were down 1 to 2 ½ cents at the close, as December still saw an 8 ½ cent gain last week.
US and Chinese negotiators had constructive discussions over the weekend in Malaysia, come out with a framework for President Trump and China’s President Xi to discuss this Thursday. Nothing specific on wheat was mentioned, but the two sides coming together is seen as friendly.
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. Buenos Aires Grain Exchange estimates the Argentina wheat harvest at 5% complete
Dec 25 CBOT Wheat closed at $5.12 1/2, down 1/2 cent, currently up 14 cents
Mar 26 CBOT Wheat closed at $5.28, down 1/4 cent, currently up 13 1/4 cents
Dec 25 KCBT Wheat closed at $5.01 1/2, up 1 1/2 cents, currently up 12 cents
Mar 26 KCBT Wheat closed at $5.18 1/4, up 1/2 cent, currently up 11 1/4 cents
Dec 25 MGEX Wheat closed at $5.57, down 1 cent, currently up 8 cents
Mar 26 MGEX Wheat closed at $5.75 3/4, down 1 1/4 cents, currently up 9 3/4 cents
