Wheat Rallies into the Close
The wheat complex posted gains on Friday, with contracts closing near their highs. Chicago SRW futures were 9 to 10 cents in the green at Friday’s close, as July rallied 20 ¾ cents on the week. Kansas City HRW contracts were 6 to 7 cents higher, with front month July popping 16 cents since last Friday. Minneapolis spring wheat futures saw 8 to 10 cent gains, as July was up 9 ¾ cents this week.
Rains in much of southern KS, OK, and TX in the next week may put a slowdown in much early harvest activity.
Money managers in Chicago wheat futures and options trimmed back their net short position by 654 contracts to 100,572 contracts as of June 3rd. In Kansas City wheat, spec funds covered some of their large net short position, reducing it by 1,333 contracts to 78,028 contracts.
USDA’s Export Sales report shows the US forward book of 2025/26 wheat sales at 5.366 MMT, the highest for this week since 2021. That is already 24.5% of the USDA forecast for new crop exports.
Crop estimates from the FranceAgriMer showed the soft wheat crop in France at 69% good/excellent, down from the 70% in the week prior. The durum crop was down 2% to 73%.
Jul 25 CBOT Wheat closed at $5.54 3/4, up 9 1/4 cents,
Sep 25 CBOT Wheat closed at $5.68 3/4, up 9 cents,
Jul 25 KCBT Wheat closed at $5.49 1/4, up 6 3/4 cents,
Sep 25 KCBT Wheat closed at $5.62 1/2, up 7 cents,
Jul 25 MGEX Wheat closed at $6.35 1/4, up 10 cents,
Sep 25 MGEX Wheat closed at $6.44, up 8 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.
