Wheat Succumbs to Pre-Weekend Profit Taking
Wheat futures dropped Friday as traders booked profits after Wednesday’s rally. July CBOT fell 6½ cents to $5.67¾, KCBT lost 8 cents to $5.63¼, and MGEX dropped 7½ cents to $6.38¾. USDA reported 427,170 MT in weekly wheat sales, down 27.6% year-on-year. Harvest delays persist in Kansas, while Russia maintains high production and export forecasts despite regional weather concerns.
All three wheat futures markets were lower on Friday, giving back some of the big Wednesday gains as July options went off the board. The wheat market had rallied at a double digit pace on Wednesday, as shorts were busy covering their large positions amid heat and dryness concerns in Europe and wet weather delays in Kansas. The profit taking was fairly uniform, with CBT wheat down 5 ½ to 7 cents, KC HRW down 6 ¼ to 8, and MPLS spring wheat down 2 ½ to 7 ½.
USDA Export Sales data from this morning showed 427,170 MT of wheat sales for the 2025/26 marketing year in the week of June 12, compared to trade estimates of 300,000 MT to 600,000 MT. That was improved from the previous week, but 27.56% less than the same week last year.
The past couple days have seen drier weather in parts of the Southern Plains, with the forecast calling for very little precip, excluding parts of northwest KS. There was very little harvest activity on a run from Wichita through Abilene and up into NE on Thursday, due to wet soils.
Despite recent regional emergency declarations, Russia is still officially expecting both production (90 MMT per the ag minister) and wheat exports to be above year ago. The French soft wheat crop is estimated at 68% good/excellent according to FranceAgriMer, down 2 points from last week.
Jul 25 CBOT Wheat closed at $5.67 3/4, down 6 1/2 cents,
Sep 25 CBOT Wheat closed at $5.83 1/2, down 7 cents,
Jul 25 KCBT Wheat closed at $5.63 1/4, down 8 cents,
Sep 25 KCBT Wheat closed at $5.78 3/4, down 7 3/4 cents,
Jul 25 MGEX Wheat closed at $6.38 3/4, down 7 1/2 cents,
Sep 25 MGEX Wheat closed at $6.56 3/4, down 4 3/4 cents.
To Read more about Wheat News continue reading Agriinsite.com
Source : Nasdaq.com
