Wheat Futures Rise; Troubling Legal Ruling on Tariffs

Market Performance Highlights

The wheat market experienced stronger trading on Thursday, led by the spring wheat sector. Chicago SRW futures increased by 3 to 4 cents. Kansas City HRW contracts gained 6 to 7 cents, while Minneapolis spring wheat futures rose by 12 to 14 cents.

Legal Developments

A recent federal trade court ruling deemed President Trump’s tariffs illegal, but an appeals court has temporarily stayed this ruling.

Export Data Update

Export Sales data will be released on Friday morning due to the holiday on Monday. Traders anticipate net reductions of 200,000 metric tons (MT) for 2024/25 sales, with new crop projections between 300,000 and 800,000 MT.

Export Estimates

SovEcon now estimates Russian wheat exports for 2025/26 at 40.8 million metric tons (MMT), up 1.1 MMT from their previous forecast. In contrast, private firm ASAP Agri estimates Ukraine’s wheat exports for 2025/26 at 15 MMT, lower than the 16.2 MMT from 2024/25.

Market Closing Prices

Jul 25 CBOT Wheat closed at $5.34, up 3.75 cents.

Sep 25 CBOT Wheat closed at $5.48.75, up 3.25 cents.

Jul 25 KCBT Wheat closed at $5.31.75, up 6.5 cents.

Sep 25 KCBT Wheat closed at $5.45.75, up 6.25 cents.

Jul 25 MGEX Wheat closed at $6.15.5, up 12.25 cents.

Sep 25 MGEX Wheat closed at $6.28, up 13.5 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.