Wheat Holding onto Gains at Midday
The wheat complex is trading with gains across the board, a the hard red markets are leading the charge. Chicago SRW futures are up 1 to 2 cents on the day. Kansas City HRW contracts are 4 to 6 cents higher. Minneapolis spring wheat futures are 7 to 8 cents in green.
Late on Wednesday, a Federal trade court ruled that President Trump’s liberation day tariffs were illegal, and he has exceeded his authority. The court gave the President 10 days to complete a process of halting the tariffs, while the white house is appealing the ruling.
Export Sales data is pushed back to a Friday AM release due to the Monday holiday. Traders are looking for net reductions of 200,000 MT to sales of 100,000 for 2024/25, with new crop at 300,000 to 800,000 MT.
SovEcon estimates the Russian wheat exports for 2025/26 will total 40.8 MMT, a 1.1 MMT increase from their previous number. Private firm ASAP Agri estimates the Ukraine 2025/26 exports at 15 MMT, which is below 16.2 MMT from 2024/25.
Jul 25 CBOT Wheat is at $5.31 3/4, up 1 1/2 cents,
Sep 25 CBOT Wheat is at $5.46 3/4, up 1 1/4 cents,
Jul 25 KCBT Wheat is at $5.30 1/2, up 5 1/4 cents,
Sep 25 KCBT Wheat is at $5.44 1/4, up 4 3/4 cents,
Jul 25 MGEX Wheat is at $6.10 1/4, up 7 cents,
Sep 25 MGEX Wheat is at $6.22 1/4, up 7 3/4 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.