Wheat is trading with modest 2 to 5 cent gains so far on Monday. The wheat complex was in rally mode to close out the week, finishing higher in all three exchanges. Chicago SRW contracts were 4 ¾ to 9 ½ cents higher across most contracts, with September up 42 ½ cents on the week. Preliminary open interest rose 2,320 contracts. KC HRW futures rallied 10 ½ to 15 ¾ cents on the day, with September up 56 cents for the week. OI was up 1,671 on Friday. MPLS spring wheat was right there with the winter wheats, up 6 ½ to 11 ½ cents on Friday, as September rallied 39 ¼ cents.
Continued buying from the escalating Black Sea conflict is supportive after strikes on ports and vessels on the water have disrupted the flow of exports.
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The weekly USDA Export Sales report from Thursday shows 2026/27 wheat sales now at 2.057 MMT as of July 9, which was 10% of the USDA export projection and ahead of the 9% average pace over the last 5 years.
Weekly Commitment of Traders data indicated managed money in CBT wheat futures and options slashing their net short by 25.527 contracts in the week ending on July 14, taking it to 36,798 contracts. In KC wheat, they added another 5,730 contracts to their net long, now at 17,494 contracts.
The France AgriMer estimates French wheat crop at 65% good/excellent, steady from the previous week. Harvest was taken to 92% complete as of July 13. Argus estimates the French wheat crop at 30.8 MMT, a 7.6% drop from last year if realized.
Sep 26 CBOT Wheat closed at $6.82 3/4, up 8 cents, currently up 1 3/4 cents
Dec 26 CBOT Wheat closed at $6.99 3/4, up 8 3/4 cents, currently up 2 cents
Sep 26 KCBT Wheat closed at $7.32 1/4, up 15 3/4 cents, currently up 2 3/4 cents
Dec 26 KCBT Wheat closed at $7.46 3/4, up 15 1/2 cents, currently up 3 cents
Sep 26 MIAX Wheat closed at $6.92 3/4, up 6 1/2 cents, currently up 5 cents
Dec 26 MIAX Wheat closed at $7.17 3/4, up 8 1/4 cents, currently up 4 3/4 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. This article was originally published on Barchart.com
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