Wheat futures staged a recovery from early-session lows on Friday, though the broader complex continued to face selling pressure as participants trimmed positions ahead of the weekend. Chicago SRW contracts retreated 12 to 18¼ cents across the front months on the session, with the September contract finishing the week 4¾ cents lower. Kansas City HRW futures declined 10 to 14¾ cents near term but finished the week with September up 13 cents. Minneapolis spring wheat slipped 10 to 15¾ cents on the day, while the September front month advanced 22½ cents for the week.
Ukraine put forward a proposal aimed at sustaining maritime traffic through the Black Sea, though no formal agreement has yet been reached between Kyiv and Moscow.
Commitment of Traders data released Friday showed managed money in Chicago Board of Trade wheat futures and options continued to pare back its net short position, shedding 19,349 contracts over the week ending July 21 to close at a net short of 19,349 contracts. Kansas City wheat saw a different dynamic, with speculators adding another 12,450 contracts to their net long, lifting the total to 29,944 contracts.
USDA Foreign Agricultural Service export sales figures indicated that accumulated new-crop sales have reached 6.68 million metric tons, representing a 26 percent decline from the same period last year. This equates to 32 percent of the USDA export projection, trailing the five-year average of 37 percent.
IKAR’s latest projection placed the Russian wheat crop at 90 million metric tons, with 2026/27 exports expected to reach 44.5 million metric tons. FranceAgriMer reported the national wheat crop at 65 percent of the grade-adjusted estimate, while harvest was recorded as 99 percent complete.
Closing Prices: Sep 26 CBOT Wheat – $6.78, down 18¼ cents; Dec 26 CBOT Wheat – $6.95½, down 18¼ cents. Sep 26 KCBT Wheat – $7.45¼, down 14½ cents; Dec 26 KCBT Wheat – $7.61½, down 14¼ cents. Sep 26 MIAX Wheat – $7.14¼, down 15¾ cents; Dec 26 MIAX Wheat – $7.38¾, down 15¼ cents.
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