The wheat complex saw a stronger trade on Thursday, as the spring wheat market lead the charge. Chicago SRW futures were up 3 to 4 cents on the day. Kansas City HRW contracts saw 6 to 7 cent gains. Minneapolis spring wheat futures were 12 to 14 cents in green.
Following a federal trade court ruling that President Trump’s liberation day tariffs were illegal, an appeals court issued a temporary stay on the ruling.
Export Sales data is pushed back to a Friday AM release due to the Monday holiday. Traders are looking for net reductions of 200,000 MT to sales of 100,000 for 2024/25, with new crop at 300,000 to 800,000 MT.
SovEcon estimates the Russian wheat exports for 2025/26 will total 40.8 MMT, a 1.1 MMT increase from their previous number. Private firm ASAP Agri estimates the Ukraine 2025/26 exports at 15 MMT, which is below 16.2 MMT from 2024/25.
Jul 25 CBOT Wheat closed at $5.34, up 3 3/4 cents,
Sep 25 CBOT Wheat closed at $5.48 3/4, up 3 1/4 cents,
Jul 25 KCBT Wheat closed at $5.31 3/4, up 6 1/2 cents,
Sep 25 KCBT Wheat closed at $5.45 3/4, up 6 1/4 cents,
Jul 25 MGEX Wheat closed at $6.15 1/2, up 12 1/4 cents,
Sep 25 MGEX Wheat closed at $6.28, up 13 1/2 cents,
