The wheat complex is down double digits across most contracts on Friday. Crude Oil is the pressure factor, down $2.08/bbl, money is flowing out ahead of the weekend, with the President looking over the proposed agreement between the US and Iran. Chicago SRW futures are down 13 cents in most front months. KC HRW futures are 14 to 15 1/2 cents in the red at midday. MPLS spring wheat is down 12 to 13 1/2 cents on the session.
USDA released Export Sales data this morning, showing a total of 807,348 MT in net cancellations for old crop, shy to of the 0 to 200,000 MT estimates. That was a MY low. New crop business exceeded the 100,000-300,000 MT estimates, at 1.058 MMT. That was a MY high and 48.66% above the same week last year.
The Buenos Aires Grains Exchange estimates the Argentina wheat crop at 14.2% planted. Russia’s ag ministry estimates the country’s wheat exports at 50 MMT for 2025/26. The French wheat crop saw a 3% drop in ratings at 78% gd/ex, according to the FranceAgriMer.
Jul 26 CBOT Wheat is at $6.11, down 13 cents,
Sep 26 CBOT Wheat is at $6.24, down 13 cents,
Jul 26 KCBT Wheat is at $6.50 1/4, down 15 cents,
Sep 26 KCBT Wheat is at $6.61 1/2, down 15 1/4 cents,
Jul 26 MIAX Wheat is at $6.64, down 13 1/4 cents,
Sep 26 MIAX Wheat is at $6.89, down 13 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.
