Wheat Market Overview: Insights and Trends
Mixed Trading in the Wheat Market
On Thursday, the wheat market exhibited a variety of trading behaviors. Chicago soft red winter (SRW) wheat experienced slight declines, falling by 1 to 2 cents by midday. Meanwhile, Kansas City hard red winter (KC HRW) contracts displayed a mixed trend, with September contracts decreasing by 1¼ cents. Notably, 32 deliveries were reported against KC wheat. In contrast, Minneapolis spring wheat showed a gain of 2 to 3 cents in the same timeframe. Traders should note that the markets will be closed on Friday in observance of Independence Day, with regular trading set to resume on Sunday night.
USDA Export Sales Report
In a timely development, the U.S. Department of Agriculture (USDA) released its weekly Export Sales report this morning. For the week ending June 26, total wheat sales for the 2025/26 marketing year reached 585,989 metric tons. This figure surpassed a Reuters survey estimate, which anticipated sales between 200,000 and 600,000 metric tons. The reported sales represent a high for the marketing year and more than double the previous week’s figures. The Philippines emerged as the largest buyer, securing 162,000 metric tons, while Thailand acquired 60,000 metric tons.
Census Data Highlights
Recent census data highlights a significant milestone, revealing that 2.16 million metric tons (79.4 million bushels) of wheat were exported in May, marking a four-year high. The annual export total reached 810 million bushels, or 829 million bushels when including wheat products, exceeding the USDA’s June estimate of 820 million bushels.
Market Prices Snapshot
As for current market prices, recent closing figures indicate the following:
- July 25 CBOT Wheat: Closed at $5.56½, up by ½ cent.
- September 25 CBOT Wheat: Closed at $5.62¼, down 1¾ cents.
- July 25 KCBT Wheat: Closed at $5.23, up by ¼ cent.
- September 25 KCBT Wheat: Closed at $5.41, down 1¼ cents.
- July 25 MGEX Wheat: Closed at $6.31¾, unchanged.
- September 25 MGEX Wheat: Closed at $6.51½, up 2½ cents.
These figures reflect the dynamic nature of the wheat market, emphasizing fluctuations that investors must monitor closely.
Conclusion
The wheat market remains vibrant and volatile, with mixed trading outcomes driven by various factors including domestic demand, international sales, and significant events like the upcoming Independence Day. Traders and analysts should stay abreast of these developments to make informed decisions moving forward.
