Wheat Market Shows Mixed Results as Futures Shift

Wheat Futures Close Mixed on Friday

Wheat traded mixed on Friday, with winter wheat showing varied results while spring wheat continued to rise. Chicago SRW futures were steady to down 2 cents, with July futures sliding 8½ cents compared to last Friday. Kansas City HRW contracts gained 1 to 2 cents, although nearby July fell 5½ cents this week. Minneapolis spring wheat futures gained ground, with July up 9 cents this week, reflecting gains of 9 to 10 cents.

Export Sales Data Highlights

Export Sales data revealed 128,797 MT in net reductions for 2024/25 wheat, within the expected range of a 200,000 MT reduction to sales of 100,000 MT. New crop shipments reached 711,368 MT, at the higher end of the 300,000 to 800,000 MT estimates, marking a three-week low. Top buyers included unknown destinations with 213,000 MT, followed by Mexico at 140,000 MT and South Korea with 115,000 MT.

CFTC Data and Managed Money Positions

CFTC data from Friday afternoon indicated managed money reduced their net short position in Chicago wheat futures and options, cutting 7,667 contracts to 101,226 as of May 27. In Kansas City, they also reduced their net short position by 801 contracts, bringing it to 79,361 as of Tuesday.

FranceAgriMer Crop Estimates

According to FranceAgriMer, the French soft wheat crop is estimated at 70% good to excellent, slightly down from 71% the previous week.

Closing Prices for Wheat Varieties

Jul 25 CBOT Wheat closed at $5.34, unchanged.

Sep 25 CBOT Wheat closed at $5.48¼, down ½ cent.

Jul 25 KCBT Wheat closed at $5.33¼, up 1½ cents.

Sep 25 KCBT Wheat closed at $5.47, up 1¼ cents.

Jul 25 MGEX Wheat closed at $6.25½, up 10 cents.

Sep 25 MGEX Wheat closed at $6.37¼, up 9¼ 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.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.