Wheat is showing slight strength on Tuesday morning. The wheat complex started the week with losses across the three markets on Monday. Chicago SRW futures were 2 ¾ to 7 ½ cents lower. Open interest was down 1,680 contracts on Monday. KC HRW futures were fractionally to 3 cents in the red. OI slipped 3,526 contracts. MPLS spring wheat was mixed, with front months fractionally to a penny lower and deferreds slightly higher. Pressure was from a President Trump post ordering the Department of War to postpone some military strikes on Iran.
The Kansas Crop Progress report showed winter wheat conditions down 6% to 46% good/excellent, with the Brugler500 index down 11 points to 328.
USDA’s FGIS tallied wheat export shipments at 458,411 MT (16.84 mbu) during the week ending on March 19. That was 33.39% above the week prior but 5.53% below the same week last year. Mexico was the top destination of 128,882 MT, with 68,376 MT headed to China and 50,093 MT to Taiwan. Marketing year exports for 2025/26 are 19.93 MMT (732.3 mbu) since June 1, which is now 17.98% ahead of the same period last year.
May 26 CBOT Wheat closed at $5.87 3/4, down 7 1/2 cents, currently up 3/4 cent
Jul 26 CBOT Wheat closed at $6.00, down 7 1/4 cents, currently up 1/4 cent
May 26 KCBT Wheat closed at $6.03 1/4, down 3 cents, currently up 1/2 cent
Jul 26 KCBT Wheat closed at $6.18 1/4, down 3 cents, currently up 1/2 cent
May 26 MIAX Wheat closed at $6.27, down 1 cents, currently up 3 cents
Jul 26 MIAX Wheat closed at $6.42 1/2, down 1/4 cent, currently up 2 1/4 cents
