Wheat Markets See Divergent Moves as Export Demand and Crop Data Shape Trading

U.S. wheat markets moved in mixed fashion on Tuesday, with winter wheat contracts easing while spring wheat posted gains. At midday, Chicago Soft Red Winter futures traded lower by 8 to 9 cents, Kansas City Hard Red Winter futures slipped 3 to 4¼ cents, and Minneapolis Spring Wheat advanced 3 to 5 cents.

Export activity remained brisk, according to USDA’s Foreign Agricultural Service. Wheat export shipments totaled 368,455 metric tons (13.54 million bushels) for the week ending May 21, up 55.89% from the prior week but down 34.55% from the same week a year ago. Japan led destination countries with 73,894 MT, followed by Mexico at 68,058 MT and the Dominican Republic at 59,059 MT. Marketing year exports for 2025/26 reached 23.48 MMT (862.7 million bushels) since June 1, well above the 10.17% pace over the comparable period last year.

Crop Progress data is scheduled for release after the close, with analysts anticipating spring wheat plantings at 87% and winter wheat conditions at 28% good-to-excellent, up one point from the prior week.

Managed money reduced its net long exposure in Chicago Board of Trade wheat futures and options by 14,224 contracts as of May 19, bringing the position down to 4,799 contracts. In Kansas City wheat, speculative funds trimmed their net long by 7,715 contracts to 30,075 contracts.

Overseas, a South Korean flour mill issued a tender seeking 100,000 MT of wheat from the U.S. and Canada, with submissions due Wednesday.

Jul 26 CBOT Wheat is at $6.38, down 8¼ cents,

Sep 26 CBOT Wheat is at $6.50¾, down 8½ cents,

Jul 26 KCBT Wheat is at $6.77¾, down 4¼ cents,

Sep 26 KCBT Wheat is at $6.89½, down 3¾ cents,

Jul 26 MIAX Wheat is at $6.92½, up 3 cents,

Sep 26 MIAX Wheat is at $7.15, up 4¾ cents,

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