Wheat Facing Pressure on Monday AM Trade
Wheat is down double digits on Monday morning, with the spring contracts down 6 to 8 cents. The wheat complex posted losses across most contracts on Thursday. Chicago SRW wheat fell 7 to 9 cents on to round out the week on Thursday, with September rallying 16 cents on the short week. KC HRW contracts closed Thursday with losses of 4 to 7 cents, as September was up just 2 ¼ cents on the week a total of 24 deliveries were issued against July KC wheat futures on Thursday evening. MPLS spring wheat slipped back on Thursday, down 1 to 2 cents, with September up 19 ¼ cents last week.
USDA released their weekly Export Sales report on Thursday morning, with 2025/26 wheat sales totaling 585,989 MT in the week ending on June 26. That was a MY high and more than double the previous week. The Philippines was the largest buyer of 162,000 MT, with 60,000 MT sold to Thailand.
Census data was showed 2.16 MMT (79.4 mbu) of wheat exported in May. That was a 4-year high. The full year wheat export figure was 810 mbu, or 829 mbu including the products vs. USDA’s estimate of 820 in June.
As part of trade negotiations with the US, Indonesia Flour Mills have signed a memorandum of understanding to purchase 1 MMT of wheat per year from the US from 2026-2030, with another 800,000 MT for the remainder of 2025. Last year shipments to Indonesia totaled 838,770 MT, with 286,082 MT shipped in 2023.
FranceAgriMer estimates the French wheat crop at 67% gd/ex, with the crop at 11% harvested. Russia cut their export tax on wheat to 0% in their latest update, taking it back to 2021 levels when it began.
Jul 25 CBOT Wheat closed at $5.47 3/4, down 8 1/4 cents, currently unch
Sep 25 CBOT Wheat closed at $5.56 3/4, down 7 1/4 cents, currently down 10 1/4 cents
Jul 25 KCBT Wheat closed at $5.18, down 4 3/4 cents, currently unch
Sep 25 KCBT Wheat closed at $5.36, down 6 1/4 cents, currently down 9 3/4 cents
Jul 25 MGEX Wheat closed at $6.30, down 1 3/4 cents, currently unch
Sep 25 MGEX Wheat closed at $6.47 1/4, down 1 3/4 cent, currently down 6 1/2 cents
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.