Key Moments
- Wheat futures are posting double-digit losses on Friday morning after touching fresh multi-year highs overnight on Thursday.
- Weekly export sales totaled 290,016 MT, up 23.36% from the prior week but still under half of the volume from the same week a year earlier.
- The annual spring wheat tour reported an average yield estimate of 48 bpa, below last year’s 49.0 bpa but above the 5-year average of 45.8 bpa.
Futures Retreat After Overnight Surge
Wheat futures are under pressure early Friday, with contracts across the complex showing double-digit declines following a sharp advance to new multi-year highs during the previous overnight session.
On Thursday, Chicago soft red winter (SRW) wheat futures ended weaker after the intraday rally. At the close, Chicago SRW contracts were down between 8 ½ and 13 cents. Open interest in this market increased by 8,051 contracts, pointing to heavier participation as prices retreated.
Kansas City hard red winter (HRW) futures also lost ground late in the session. KC HRW contracts finished the day 3 to 10 ¼ cents lower, with open interest rising by 5,096 contracts.
Minneapolis spring wheat futures saw more mixed trade. Nearby MPLS contracts gained ½ to 1 cent, while deferred months slipped between 2 and 5 cents.
Export Sales Show Modest Improvement
Weekly Export Sales data from the Foreign Agricultural Service released on Thursday reported wheat export sales of 290,016 metric tons for the week of 7/13. That figure was 23.36% higher than the previous week, yet remained less than half of the volume recorded in the same week a year earlier.
Mexico was the top destination, booking 137,600 MT of wheat, followed by Taiwan with purchases of 98,200 MT.
Spring Wheat Tour and Global Crop Updates
Results from the annual spring wheat tour were published on Thursday, showing an average yield estimate of 48 bushels per acre. This compares with 49.0 bpa last year and exceeds the 5-year average of 45.8 bpa.
In external crop projections, IKAR placed the Russian wheat crop at 90 million metric tons in its latest outlook, with exports for the 2026/27 season projected at 44.5 million metric tons.
In France, FranceAgriMer estimated that 65% of the French wheat crop was rated good to excellent in its most recent update, while harvest progress was reported at 99% complete.
Wheat Futures Board Snapshot
Recent settlement levels and current moves in key wheat contracts are summarized below:
| Contract | Exchange | Last Close | Change at Close | Current Move |
|---|---|---|---|---|
| Sep 26 Wheat | CBOT | $6.96 1/4 | down 9 1/2 cents | currently down 16 1/4 cents |
| Dec 26 Wheat | CBOT | $7.13 3/4 | down 9 cents | currently down 16 3/4 cents |
| Sep 26 Wheat | KCBT | $7.59 3/4 | down 3 3/4 cents | currently down 13 1/4 cents |
| Dec 26 Wheat | KCBT | $7.75 3/4 | down 3 1/4 cents | currently down 13 1/2 cents |
| Sep 26 Wheat | MIAX | $7.30 | up 1 cent | currently down 11 cents |
| Dec 26 Wheat | MIAX | $7.53 | up 1/2 cent | currently down 10 3/4 cents |
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.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
