Key Moments
- U.S. wheat futures were posting double-digit gains early Friday, recovering from Thursday’s weaker close.
- Weekly U.S. wheat export sales totaled 255,931 MT for 2026/27 in the week of 8/6, the second lowest of the marketing year and 64.59% below the same week a year earlier.
- Taiwan flour mills purchased 97,200 MT of U.S. wheat in an overnight tender, while Mexico and South Korea led weekly U.S. export sales.
Black Sea Developments Support Market Strength
Wheat futures were sharply higher early Friday, with contracts showing double-digit gains at the start of the session. The move followed firmness in European wheat markets overnight and came after a softer performance on Thursday, when U.S. wheat futures faded into the close.
Early Thursday, Ukraine proposed a truce with Russia aimed at halting attacks on civilian targets in the Black Sea region. According to reports, Russia rejected the proposal. The back-and-forth in the Black Sea area continued to provide a focal point for wheat traders.
Thursday’s Futures Performance
The wheat complex ended Thursday under pressure across the major U.S. contracts. Chicago soft red winter (SRW) wheat was little changed to slightly lower, with most contracts finishing between steady and 2 1/4 cents in negative territory. Open interest in Chicago wheat increased by 10,313 contracts.
Kansas City hard red winter (HRW) wheat futures recorded modest declines, closing with fractional to 3 cent losses across most maturities. Minneapolis spring wheat futures were weaker on the front end, with nearby contracts down between 3 1/4 and 4 1/4 cents.
U.S. Export Sales: Weak Weekly Totals
Weekly Export Sales data released Friday morning showed net U.S. wheat export sales of 255,931 metric tons. That figure fell in the middle of trade expectations, which ranged from 200,000 to 500,000 metric tons for 2026/27 sales during the week of 8/6.
Despite meeting expectations, the total was the second lowest of the current marketing year and was down 64.59% compared with the same week a year earlier. Mexico was the largest buyer, booking 101,100 metric tons, while South Korea accounted for 87,700 metric tons.
Separately, Taiwan flour mills purchased 97,200 metric tons of U.S. wheat in an overnight tender, adding to demand indications from Asia.
Futures Snapshot: Prior Close vs. Early Friday Action
The table below summarizes the previous settlement levels for key U.S. wheat contracts and their early Friday gains as indicated in the market:
| Contract | Previous Close | Change on Thursday | Current Early Move |
|---|---|---|---|
| Sep 26 CBOT Wheat | $6.52 3/4 | unch | currently up 11 1/4 cents |
| Dec 26 CBOT Wheat | $6.68 1/4 | down 1 1/2 cents | currently up 11 1/4 cents |
| Sep 26 KCBT Wheat | $7.20 1/2 | down 1/4 cent | currently up 12 3/4 cents |
| Dec 26 KCBT Wheat | $7.34 3/4 | down 3 cents | currently up 12 3/4 cents |
| Sep 26 MIAX Wheat | $6.69 1/4 | down 3 3/4 cents | currently up 8 1/4 cents |
| Dec 26 MIAX Wheat | $6.94 3/4 | down 4 1/4 cents | currently up 9 cents |
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