The wheat market was rallying across the three markets on Wednesday, as shorts were busy their large position. Chicago SRW futures were 25 to 26 cents higher in the front months. Kansas City HRW contracts posted 23 to 24 cent gains. Minneapolis spring wheat futures were 15 to 18 cents in the green.
The markets will be closed on Thursday in observance of Juneteenth, with the government closed as well and reports pushed back a day. Export Sales data will be released on Friday morning, with 300,000 MT to 600,000 MT of 2025/26 wheat sold in the week ending on June 12.
The French soft wheat ending stocks estimate from FranceAgriMer was trimmed by 0.14 MMT from last month to 2.48 MMT.
Rains over the last couple days on parts to the Southern Plains have continued to slow the US winter wheat harvest. The forecast is drier for much of that area in the next week, with northwest KS seeing some precip. The Krasnodar region in Russia, a large wheat producing region, has declared a drought emergency, following a similar move from the Rostov region last week.
Jul 25 CBOT Wheat closed at $5.74 1/4, up 25 1/4 cents,
Sep 25 CBOT Wheat closed at $5.90 1/2, up 25 cents,
Jul 25 KCBT Wheat closed at $5.71 1/4, up 23 1/2 cents,
Sep 25 KCBT Wheat closed at $5.86 1/2, up 24 cents,
Jul 25 MGEX Wheat closed at $6.46 1/4, up 15 1/2 cents,
Sep 25 MGEX Wheat closed at $6.61 1/2, up 17 1/4 cents,
