The wheat complex is trading with double digit gains across most contracts on Friday. Chicago SRW contracts are trading with 19 to 23 1/2 cent gains at midday. There were 2 deliveries against CBT wheat overnight, with 53 for July KC wheat. KC HRW futures are up 22 to 23 cents so far on Friday. MPLS spring wheat is 12 to 13 in the green on the session.
Wheat is gaining steam on Friday after reports that Russia is considering restricting export flows through the Sea of Azov. Nearly a quarter of Russia’s wheat shipments exit the region.
Crop Production data was updated this morning with all wheat production down just 7 mbu to 1.536 bbu. All winter wheat production was below estimates at 990 bbu, a 40 mbu drop from last month, with spring wheat at 475 mbu and larger than expected. In the WASDE, traders saw US carryout to be down 22 mbu to 722 mbu. That was partially due to pricution, with carryover dropped 15 mbu from 2025/26.
USDA’s WASDE report showed world stocks down 2.78 MMT to 272.84 MMT. That was partially due to the US, with Argentina down 0.5 MMT, Canada dropping 0.42 MMT, and the EU 0.3 MMT lower.
Coceral trimmed their EU and UK output by 2.9 MMT to 140.8 MMT. The French wheat crop ratings were down another 3 percentage points to 65% gd/ex this week according to the FranceAgriMer, as harvest was listed at 29% complete.
Jul 26 CBOT Wheat is at $6.34 3/4, up 23 1/2 cents,
Sep 26 CBOT Wheat is at $6.39, up 19 1/4 cents,
Jul 26 KCBT Wheat is at $6.65, up 22 3/4 cents,
Sep 26 KCBT Wheat is at $6.76 1/2, up 22 1/4 cents,
Jul 26 MIAX Wheat is at $6.03, unch,
Sep 26 MIAX Wheat is at $6.51, up 12 cents,
