Wheat Futures Ease as Weather Outlook Weighs on Contracts

Key Moments

Mixed Early Trade Following Wednesday Weakness

Wheat futures are starting Thursday with softer trade across the winter wheat contracts and a more stable tone in spring wheat. The broader wheat complex had weakened into the close on Wednesday, with most contracts slipping into negative territory.

Chicago SRW futures finished Wednesday’s session either unchanged or up to a penny lower. Open interest in that market declined by 11,876 contracts, reflecting reduced participation following the recent moves. In Kansas City, nearby July HRW futures settled a penny lower, while deferred KC contracts managed fractional gains of up to 2 3/4 cents. MPLS spring wheat closed Wednesday mixed, with individual contracts ending between 3 3/4 cents lower and 4 cents higher.

Weather Outlook Pressures Spring Wheat

Forecasts calling for rainfall from Montana across to Minnesota, as well as over large portions of Canada, are weighing on the spring wheat segment. The anticipated moisture is influencing trader expectations and tempering buying interest in that part of the complex.

Export Sales Expectations

Export Sales data are scheduled for release this morning. Analysts are anticipating 2026/27 wheat sales for the week of 6/18 to come in between 250,000 and 600,000 MT. Market participants are watching the report for confirmation of demand trends amid the recent price action.

Current Futures Snapshot

Disclosure

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.