Wheat Futures Decline Despite Stronger Corn and Bean Markets

The wheat market did not experience the same upward momentum as corn and beans on Friday, with contracts showing declines. Chicago SRW futures fell by 7 to 8 cents, concluding the day with July futures down 21 ¼ cents for the week. Meanwhile, Kansas City HRW futures also declined, facing losses of 7 to 8 cents, with July futures down 23 ¾ cents this week. Similarly, Minneapolis spring wheat futures saw Friday losses between 6 to 8 cents and a weekly decline of 17 ½ cents for July.

Speculative Positions and Trends

According to the Commitment of Traders data, as of May 6, speculative funds reduced their large net short position in CBT wheat by 7,681 contracts, bringing the total to 113,734 contracts. In contrast, KC wheat saw them extend their record net short position to 72,240 contracts, a decrease of 4,971 contracts as of Tuesday.

Export Sales and Future Projections

The weekly Export Sales report indicates that total wheat export commitments reached 21.631 MMT as of last Thursday, representing a 14% increase compared to last year. However, this amount constitutes only 97% of the USDA forecast, with less than a month left in the marketing year, while the normal sale pace for this week typically stands at 104%.

On Monday, the USDA is set to release the first WASDE report outlining the 2025/26 balance sheets. Analysts anticipate that old crop world stocks will total 261 MMT, while new crop estimates are projected at 261.2 MMT.

Crop Quality in France

Reports from FranceAgriMer suggest that 74% of the French soft wheat crop is rated as good or excellent, remaining consistent with last week’s assessment.

Wheat Futures Closeout Prices

Jul 25 CBOT Wheat closed at $5.21 3/4, down 7 1/2 cents.

Sep 25 CBOT Wheat closed at $5.36 1/2, down 7 1/2 cents.

Jul 25 KCBT Wheat closed at $5.17 1/2, down 7 1/4 cents.

Sep 25 KCBT Wheat closed at $5.31 3/4, down 7 cents.

Jul 25 MGEX Wheat closed at $5.93 1/2, down 7 1/4 cents.

Sep 25 MGEX Wheat closed at $6.06 1/2, down 6 cents.

On the date of publication, Austin Schroeder did not hold any positions directly or indirectly in the securities mentioned in this article. All information and data in this article are for informational purposes only. For more information, please view the Barchart Disclosure Policy here.

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