Wheat closed Friday’s trade with mixed action in the winter wheats, as the spring wheat held higher. Chicago SRW futures were steady to 2 cents lower, as July slipped back 8 ½ cents from last Friday. Kansas City HRW contracts closed with 1 to 2 cents gains, as nearby July was down 5 ½ cents this week. Minneapolis spring wheat futures posted another round of 9 to 10 cent gains, as July was up 9 cents this week. 

Export Sales data from this morning showed 128,797 MT in net reductions for 2024/25 wheat within expectations of net reductions 200,000 MT to sales of 100,000. New crop was tallied at 711,368 MT, which was on the higher end of the estimates of 300,000 to 800,000 MT. That was a 3-week low. Unknown destinations was the top buyer of 213,000 MT, with Mexico in for 140,000 MT and South Korea purchasing 115,000 MT.

CFTC data from Friday afternoon showed managed money cutting 7,667 contracts from their net short position in Chicago wheat futures and options to 101,226 contracts as of May 27th. In Kansas City, they backed off another 801 contracts from their large net short position to 79,361 contracts as of Tuesday.

The FranceAgriMer estimates the French soft wheat crop at 70% good/excellent, which is below the 71% from the week prior. 

Jul 25 CBOT Wheat  closed at $5.34, unch,

Sep 25 CBOT Wheat  closed at $5.48 1/4, down 1/2 cent,

Jul 25 KCBT Wheat  closed at $5.33 1/4, up 1 1/2 cents,

Sep 25 KCBT Wheat  closed at $5.47, up 1 1/4 cents,

Jul 25 MGEX Wheat  closed at $6.25 1/2, up 10 cents,

Sep 25 MGEX Wheat  closed at $6.37 1/4, up 9 1/4 cents,