Wheat is looking at 3 to 5 cent losses in the winter wheats, with spring wheat higher so far on early Thursday trade. The wheat complex led the bulls charge on Wednesday, with contracts showing double digit gains across the front months. Chicago SRW contracts were rallying, as front months were up 11 to 17 cents and deferreds 5 to 9 cents higher. Preliminary open interest suggested some short covering, down 2,912 contracts. KC HRW futures were 10 ½ to 18 3/4 cents higher. Open interest was down 5,888 contracts. MPLS spring wheat was up 9 3/4 to 13 1/4 cents at the close. The market will round out the week today, with Friday off in observance of Juneteenth.
Export Sales data will be updated this morning, with traders looking for between 300,000 and 700,000 MT in 2026/27 sales according to a Reuters survey of analysts.
