Wheat futures opened sharply lower on Friday, surrendering double-digit gains after the complex rallied to fresh multi-year highs overnight. Chicago SRW contracts fell 8.5 to 13 cents by Thursday’s close, while open interest climbed by 8,051 contracts. Kansas City HRW futures also slipped late in the session, dropping 3 to 10.25 cents as open interest rose 5,096 contracts. Minneapolis spring wheat showed mixed action, with front-month contracts gaining 0.5 to 1 cent while deferred months declined 2 to 5 cents.
Weekly export sales data from the USDA’s Foreign Agricultural Service showed 290,016 metric tons of wheat sold for the week ending July 13—a 23.36% increase from the prior week but less than half the volume recorded during the same period last year. Mexico led purchases with 137,600 MT, followed by Taiwan at 98,200 MT.
The annual spring wheat tour concluded Thursday with an average yield estimate of 48 bushels per acre, below last year’s 49.0 bpa but above the five-year average of 45.8 bpa.
Overseas, IKAR projected the Russian wheat crop at 90 million metric tons, with 2026/27 exports forecast at 44.5 MMT. In France, the wheat crop was rated 65% good-to-excellent in the latest FranceAgriMer report, with harvest 99% complete.
Key Contract Settlements (Thursday Close / Current Change):
- Sep 2026 CBOT Wheat: $6.96¼, down 9.5¢ / currently -16.25¢
- Dec 2026 CBOT Wheat: $7.13¾, down 9¢ / currently -16.75¢
- Sep 2026 KCBT Wheat: $7.59¾, down 3.75¢ / currently -13.25¢
- Dec 2026 KCBT Wheat: $7.75¾, down 3.25¢ / currently -13.5¢
- Sep 2026 MIAX Wheat: $7.30, up 1¢ / currently -11¢
- Dec 2026 MIAX Wheat: $7.53, up 0.5¢ / currently -10.75¢