The wheat complex is trading with slight losses so far on Friday morning. Wheat is mixed at midday, as most contracts are sticking close to unchanged on Thursday. Chicago SRW futures posted gains of 2 to 3 cents across most contracts. Thursday’s Preliminary open interest was up 2,037 contracts. Kansas City HRW contracts were up 1 to 2 cents in the nearbys on Thursday. Minneapolis spring wheat futures were mixed, with July up 1 ¾ cents and other contracts lower.

Rains in much of southern KS, OK, and TX in the next week may put a slowdown in much early harvest activity.

USDA’s Export Sales report from morning showed net reductions of 49,114 MT in the last full week of the 2024/25 MY. New crop was tallied at 444,857 MT, which was a 5-week low for 2025/26 sales. Much of the new crop business was to unknown destinations at 140,500 MT, wit 131,000 MT purchased by Nigeria, and Mexico buying 108,400 MT. 

Monthly wheat exports totaled 2.198 MMT (80 mbu) during April, which was a 4-year high according to Census data. That was also 22.17% larger than the March total. 

Crop estimates from the FranceAgriMer showed the soft wheat crop in France at 69% good/excellent, down from the 70% in the week prior. The durum crop was down 2% to 73%.

Jul 25 CBOT Wheat  closed at $5.45 1/2, up 2 1/4 cents, currently down 1 1/4 cents

Sep 25 CBOT Wheat  closed at $5.59 3/4, up 2 1/2 cents, currently down 1 1/4 cents

Jul 25 KCBT Wheat  closed at $5.42 1/2, up 2 cents, currently down 2 1/2 cents

Sep 25 KCBT Wheat  closed at $5.55 1/2, up 1 1/2 cents, currently down 2 1/4 cents

Jul 25 MGEX Wheat  closed at $6.25 1/4, up 1 3/4 cents, currently down 1/4 cent

Sep 25 MGEX Wheat  closed at $6.36, down 1/2 cent, currently up 1/2 cent