The wheat market has pulled off the early Monday strength, with contracts still showing positive trade. Chicago SRW futures are 6 to 7 cents higher. Kansas City HRW contracts are still leading the charge at midday, with contracts up 7 to 9 cents. Minneapolis spring wheat futures are fractionally to 2 cents in the green. 

Weekly Export Inspections data tallied wheat shipments at just 552,910 MT (20.32 mbu) in the week that ended on May 29. That was back down 1.79% from the week prior but 29.4% above the same week last year. South Korea was the largest destination of 111,025 MT, with 90,792 MT headed to the Philippines and 81,130 MT to Indonesia. Marketing year shipments are now 21.825 MMT (802 mbu), an increase of 16.59% from the same week last year. USDA’s full year projection is 820 (which includes the products.

CFTC data from Friday afternoon showed managed money cutting 7,667 contracts from their net short position in Chicago wheat futures and options to 101,226 contracts as of May 27th. In Kansas City, they backed off another 801 contracts from their large net short position to 79,361 contracts as of Tuesday.

Australia’s wheat crop for 2025/26 us estimated at 30.6 MMT according to the country’s ABARES. That would be down 10% from last year if realized. 

Jul 25 CBOT Wheat  is at $5.40 1/4, up 6 1/4 cents,

Sep 25 CBOT Wheat  is at $5.54 1/4, up 6 cents,

Jul 25 KCBT Wheat  is at $5.41 1/2, up 8 1/4 cents,

Sep 25 KCBT Wheat  is at $5.54 3/4, up 7 3/4 cents,

Jul 25 MGEX Wheat  is at $6.26 1/4, up 3/4 cent,

Sep 25 MGEX Wheat  is at $6.39, up 1 3/4 cents,