Wheat is extending the recent bounce early on Thursday morning. The wheat market saw some strength on Wednesday, with the winter wheat exchanges posting gains.  Chicago SRW futures were up 7 to 8 cents at the close. There were another 28 deliveries for May CBT wheat on Wednesday as the contract expired, taking the month’s total to 560.  Kansas City HRW futures saw contracts 10 to 12 cents higher on Wednesday. Preliminary open interest showed net new buying, up 3,196 contracts.  Minneapolis spring wheat futures fell to weakness, with contracts down 3 to 4 cents 

Rains are expected to make their way in parts of SRW country over the next week. Much of the HRW country misses out on the rainfall, from southwest NE through the western portions of KS and the panhandle of TX.

Tuesday was the first day of the annual Hard Red Wheat Tour through Kansas, with the Day 2 route results at 53.3 bpa. That is above the 42.4 bpa from day 2 last year and a 4-year high. Day 3 results and the tour projection will be released later today.

Thursday morning’s Export Sales report is expected to show old crop wheat bookings between net reductions of 200,000 MT and net sales of 100,000 MT. Business for 2025/26 is seen at 350,000 and 600,000 MT. 

Algeria purchased an estimated 660,000 MT of wheat in a recent tender on Wednesday. Saudi Arabia issued a tender to buy 655,000 MT of wheat. The EU wheat production estimate from Strategie Grains was pegged at 129.8 MMT, a 1.7 MMT increase from the previous number.

Jul 25 CBOT Wheat  closed at $5.24 3/4, up 7 1/2 cents, currently up 3 1/2 cents

Sep 25 CBOT Wheat  closed at $5.39, up 7 1/4 cents, currently up 3 3/4 cents

Jul 25 KCBT Wheat  closed at $5.23, up 11 1/4 cents, currently up 3 1/2 cents

Sep 25 KCBT Wheat  closed at $5.37, up 10 3/4 cents, currently up 3 1/2 cents

Jul 25 MGEX Wheat  closed at $5.77, down 3 3/4 cents, currently up 1 3/4 cents

Sep 25 MGEX Wheat  closed at $5.90 3/4, down 3 cents, currently up 1 1/4 cents