Wheat is trading with early losses on Monday morning across the three markets. The wheat complex posted gains on Friday, with contracts closing near their highs. Chicago SRW futures were 9 to 10 cents in the green at Friday’s close, as July rallied 20 ¾ cents on the week. Preliminary open interest was down 9,237 contracts on Friday, mostly in the July, down 15,179 contracts. Kansas City HRW contracts were 6 to 7 cents higher, with front month July popping 16 cents since last Friday. Minneapolis spring wheat futures saw 8 to 10 cent gains, as July was up 9 ¾ cents last week.

Rains in much of southern KS, OK, and TX over the weekend may put a slowdown in much early harvest activity. The next 7 days shows heavy totals in TX and OK stretching over the parts of SRW area.

Money managers in Chicago wheat futures and options trimmed back their net short position by 654 contracts to 100,572 contracts as of June 3rd. In Kansas City wheat, spec funds covered some of their large net short position, reducing it by 1,333 contracts to 78,028 contracts.

USDA’s Export Sales report shows the US forward book of 2025/26 wheat sales at 5.366 MMT, the highest for the week since 2021. That is already 24.5% of the USDA forecast for new crop exports.

Ukraine wheat production was estimated at 21.7 MMT according to APK-Inform, down from the previous 21.8 MMT estimate.

Jul 25 CBOT Wheat  closed at $5.54 3/4, up 9 1/4 cents, currently down 7 1/2 cents

Sep 25 CBOT Wheat  closed at $5.68 3/4, up 9 cents, currently down 7 cents

Jul 25 KCBT Wheat  closed at $5.49 1/4, up 6 3/4 cents, currently down 8 1/2 cents

Sep 25 KCBT Wheat  closed at $5.62 1/2, up 7 cents, currently down 7 3/4 cents

Jul 25 MGEX Wheat  closed at $6.35 1/4, up 10 cents, currently down 4 3/4 cents

Sep 25 MGEX Wheat  closed at $6.44, up 8 cents, currently down 3 3/4 cents