Wheat is showing slight strength on Thursday morning, up 2 to 4 cents across most the thtree markets. The wheat complex bounced from the mixed midday action to close with front months in the green across the three exchanges. CBT soft red wheat futures were steady to fractionally higher in the nearbys on Wednesday. Open interest data was up 5346 contracts on Wednesday. KC HRW futures posted 1 to 2 cent higher trade at the midweek close. Preliminary OI was up 3,042 contracts on the day, hinting at slightly new buying. MPLS spring wheat futures were up 3 to 4 cents on the day.

The suspended Export Sales report was expected to show wheat sales in the range of 350,000 to 600,000 MT for the week ending on October 2. The data will be released at some point in the futures, though the shutdown is preventing that. 

SovEcon estimates Ukraine wheat crop at 22.9 MMT, up 1.5 MMT above their pervious number. The Rosario Grains Exchange estimates the Argentina wheat crop for 2025/26 at 23 MMT, vs. the 20 MMT previous estimate. Expana increased their EU wheat production estimate by 0.3 MMT to 136.4 MMT. Russia’s deputy ag minister stated the country expects to cut back winter and spring wheat area by 6% this year. 

Dec 25 CBOT Wheat  closed at $5.07 1/4, up 1/2 cent, currently up 4 1/2 cents

Mar 26 CBOT Wheat  closed at $5.25 1/4, up 1/2 cent, currently up 3 cents

Dec 25 KCBT Wheat  closed at $4.93 1/4, up 1 1/4 cents, currently up 3 1/2 cents

Mar 26 KCBT Wheat  closed at $5.15, up 1 1/2 cents, currently up 2 1/2 cents

Dec 25 MGEX Wheat  closed at $5.56 1/2, up 3 1/2 cents, currently up 2 cents

Mar 26 MGEX Wheat  closed at $5.75 1/4, up 3 3/4 cents, currently up 2 cents