Wheat is down across all three exchanges with some exception to the September contracts. The wheat complex saw stronger trade on Friday across the three markets. CBT soft red wheat futures were up 5 to 7 3/4 cents at on Friday, as December was a dime higher last week. Preliminary open interest was down 10,535 contracts on Friday, suggesting some short covering.  KC HRW futures were 4 to 6 cents in the green on the day, with December down 1 ¼ cents last week. There were another 262 deliveries issued against September KC wheat. MPLS spring wheat was 2 to 4 cents higher, as Dec fell by a dime on the week. 

The Friday afternoon Commitment of Traders report showed spec funds slashing 16,545 contracts from their net short position in CBT wheat futures and options to 81,587 contracts as of Tuesday. In Kansas City wheat futures and options, they trimmed 2,699 contracts from their net short position to 48,681 contracts.

After a wet weekend, the forecast continues to look wet in much of the Southern Plains, with 1 to 3 inches in the forecast, over the weekend. The Northern Plains is looking a little drier in parts of ND, MT and the PNW, likely helping the spring wheat harvest to move along.

ABARES estimates the Australia wheat production at 33.8 MMT for 2025/26, a 1% drop from last year. Russia’s wheat crop is estimated at 85.4 MMT according to Sovecon, with their export projection at 43.7 MMT, up from 43.3 MMT in their previous number.

Sep 25 CBOT Wheat  closed at $5.18, up 7 3/4 cents, currently down 4 1/2 cents

Dec 25 CBOT Wheat  closed at $5.34 1/4, up 5 1/4 cents, currently down 9 1/2 cents

Sep 25 KCBT Wheat  closed at $4.92 3/4, up 6 cents, currently unch

Dec 25 KCBT Wheat  closed at $5.19 3/4, up 4 cents, currently down 9 3/4 cents

Sep 25 MGEX Wheat  closed at $5.59 1/4, up 4 cents, currently unch

Dec 25 MGEX Wheat  closed at $5.80, up 2 3/4 cents, currently down 9 1/4 cents