The wheat market rallied on Friday, with Chicago SRW contracts rising by 11¾ to 22 cents, concluding the week up 35 cents. Kansas City HRW futures accelerated, gaining 15 to 33 cents, marking a weekly increase of 40¼ cents. Meanwhile, MPLS spring wheat saw contracts climb by 9 to 10¾ cents, with September showing a minor decline of 1¼ cents this week.
This surge follows Russia’s rejection of a Ukrainian ceasefire proposal regarding Black Sea civilian shipping, leading to increased strikes on key export infrastructure in a critical wheat-exporting region. As a result, wheat shipments from the Black Sea, traditionally ramping up post-harvest, have been limited.
In other data, the CFTC reported a net short position of 31,401 contracts in CBT wheat as of August 11, while KC wheat net long positions decreased to 27,662 contracts. Total wheat sales for the 2026/27 period stand at 7.538 million metric tons, which is 36% of the USDA’s export estimate, lagging behind the usual average sales pace. Additionally, Taiwan flour mills procured 97,200 MT of wheat from the US.
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