On Thursday, the wheat complex experienced gains across three markets. Chicago SRW wheat increased by 6 to 8 cents, while Kansas City (KC) HRW contracts gained 7.75 cents. Kansas City wheat saw 16 delivery notices overnight. Minneapolis (MPLS) spring wheat also displayed fractional gains.
According to the USDA’s Export Sales report released this morning, there were 567,823 MT in 2025/26 sales, within the expected range of 200,000 to 600,000 MT, but down 3.1% from the previous week. This figure is still more than double the same week last year, with South Korea being the largest buyer at 90,000 MT, followed by Japan with 70,000 MT and Mexico with 55,900 MT. There were an additional 9,373 MT for 2026/27 sales.
World wheat stocks for the end of 2025/26 are projected at 262.5 MMT, slightly lower than last month’s estimate of 262.8 MMT. The EU soft wheat crop is estimated at 130.7 MMT for 2025/26, unchanged from the prior month.
