Wheat futures are trading with losses as we trade through Monday morning. All three wheat futures markets were lower on Friday, giving back some of the big Wednesday gains as July options went off the board. The wheat market had rallied at a double digit pace on Wednesday, as shorts were busy covering their large positions amid heat and dryness concerns in Europe and wet weather delays in Kansas. The profit taking was fairly uniform, with CBT wheat down 5 ½ to 7 cents, KC HRW down 6 ¼ to 8, and MPLS spring wheat down 2 ½ to 7 ½. 

USDA Export Sales data from Friday morning showed 427,170 MT of wheat sales for the 2025/26 marketing year in the week of June 12, compared to trade estimates of 300,000 MT to 600,000 MT. That was improved from the previous week, but 27.56% less than the same week last year. 

The past couple days have seen drier weather in parts of the Southern Plains, with the forecast calling for very little precip, excluding parts of northwest KS. There was very little harvest activity on a run from Wichita through Abilene and up into NE on Thursday, due to wet soils. 

Russi’s wheat crop is expected to total 84.8 MMT this year, according to Argus, up 4.5 MMT from their previous estimate. 

Jul 25 CBOT Wheat  closed at $5.67 3/4, down 6 1/2 cents, currently down 5 1/4 cents

Sep 25 CBOT Wheat  closed at $5.83 1/2, down 7 cents, currently down 5 1/4 cents

Jul 25 KCBT Wheat  closed at $5.63 1/4, down 8 cents, currently down 3 1/4 cents

Sep 25 KCBT Wheat  closed at $5.78 3/4, down 7 3/4 cents, currently down 4 1/4 cents

Jul 25 MGEX Wheat  closed at $6.38 3/4, down 7 1/2 cents, currently down 1 cent

Sep 25 MGEX Wheat  closed at $6.56 3/4, down 4 3/4 cents, currently down 1/2 cent