Wheat is trading mixed on Wednesday morning, with Chicago on a weaker note, The wheat complex was in rally mode on Tuesday, hitting the limit in a few contracts. Chicago SRW was up as little as 13 ½ cents in the deferreds to the 45 cent limit in July. Open interest was up 5,401 contracts. KC HRW futures rallied from 27 ¼ cents higher to the limit in the front months on Tuesday. OI rose just 572 contracts. MPLS spring wheat joined in on the rally, with contracts up 17 ½ to 37 ½ cents. The CBT and KC markets will have expanded limits of 70 cents on Wednesday.
The USDA Crop Production report from Tuesday morning showed winter wheat production at 1.048 bbu, which was well below estimates of 1.211 bbu. HRW production was seen at 514.8 mbu, with SRW at 300.9 mbu and white winter at 231.8 mbu. All wheat production was 1.561 bbu, 186 mbu below the average estimate.
The first day of the Kansas Wheat Quality Tour showed an average of 38.3 bpa yield, the lowest day 1 total for the tour since 2023.
The May WASDE showed old crop stocks at 935 mbu, which was down 3 mbu from the April total, on a 7 mbu cut to food and 10 mbu increase to exports. New crop US stocks were seen at 762 mbu, compared to estimates of 845 mbu, mainly on the lower production. World stocks were 279.21 MMT on old crop, down 3.91 MMT from the April total. Ending stocks for 2026/27 were pegged at 275.04 MMT in the initial estimate.
French soft wheat exports are estimated to total 7.75 MMT within the EU and 7.25 MMT outside the EU according to France ArgiMer, with combined exports up 0.2 MMT, from the April estimate. Ending stocks are seen down 0.03 at 3.28 MMT.
Jul 26 CBOT Wheat closed at $6.79, up 45 cents, currently down 6 cents
Sep 26 CBOT Wheat closed at $6.91 1/2, up 42 3/4 cents, currently down 1 1/4 cents
Jul 26 KCBT Wheat closed at $7.31 1/4, up 45 cents, currently unch
Sep 26 KCBT Wheat closed at $7.42 1/4, up 45 cents, currently up 11 1/2 cents
Jul 26 MIAX Wheat closed at $7.24, up 37 1/2 cents, currently unch
Sep 26 MIAX Wheat closed at $7.45 3/4, up 36 3/4 cents, currently up 4 1/4 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.
