On Friday, the wheat market saw significant gains, with Chicago SRW futures increasing by 9 to 10 cents, and July contracts rising by 20 ¾ cents for the week. Kansas City HRW futures were up 6 to 7 cents, with July climbing 16 cents since the previous Friday. Minneapolis spring wheat futures recorded gains of 8 to 10 cents, with July up 9 ¾ cents this week.
The USDA’s Export Sales report indicated that the U.S. forward book of 2025/26 wheat sales reached 5.366 million metric tons, marking the highest figure for this week since 2021 and accounting for 24.5% of the USDA’s export forecast for new crops. Additionally, money managers in Chicago wheat futures have reduced their net short position to 100,572 contracts as of June 3rd, a decrease of 654 contracts.
Crop estimates from FranceAgriMer showed that the soft wheat crop in France is at 69% good/excellent, down from 70% the prior week, while the durum crop decreased by 2% to 73%.
