Kansas City hard red winter (HRW) wheat futures (CME, USD) — higher-protein US milling wheat; the main complement to Chicago SRW wheat.
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Wheat Futures Rally on Black Sea Ceasefire Rejection
Wheat futures rallied sharply on Friday after Russia rejected a Ukrainian proposal for a ceasefire covering civilian vessels and port infrastructure in the Black Sea region. Chicago SRW contracts rose 11 3/4 to 22 cents, with a weekly gain of 35 cents, while KC HRW futures led the advance with gains of 15 to 33 cents and September up 40 1/4 cents on the week. MPLS spring wheat closed 9 to 10 3/4 cents higher, though September was 1 1/4 cents lower for the week. Recent strikes on export infrastructure have limited shipments from key Black Sea ports during the post-harvest period when wheat exports typically ramp up. CFTC data showed managed money added 7,615 contracts to their CBT wheat net short position in the week of August 11, reaching a net short of 31,401 contracts, while in KC wheat they cut 5,432 contracts from their net long to 27,662 contracts. Total wheat sales for 2026/27 stand at 7.538 million metric tons, 36% of the USDA export estimate and below the 44% average pace, and Taiwan flour mills purchased 97,200 metric tons of US wheat in a tender overnight.
Wheat Futures Trim Gains as Ukraine Proposes Black Sea Truce
Wheat futures pulled back from early double-digit gains on Thursday after Ukraine proposed a truce with Russia to stop attacking civilian targets on the Black Sea, with Russia yet to respond. Chicago SRW contracts were up 2 to 3 cents at midday, KC HRW futures showed 1 to 3 cent gains, and MPLS spring wheat was steady to fractionally higher. Weekly export sales data showed net sales of 255,931 metric tons, in the middle of trade expectations for 200,000 to 500,000 metric tons, marking the second lowest total for the marketing year and down 64.59% from the same week last year. WASDE data tallied 2026/27 ending stocks at 717 million bushels, down 5 million bushels due to a production reduction, while world ending stocks rose by 0.41 million metric tons to 273.25 million metric tons. December CBOT wheat settled at $6.71 3/4, up 2 cents.
Wheat Prices Surge on Ukrainian Drone Strikes and Tighter Supply
Wheat futures rallied sharply across all three U.S. exchanges on Thursday, with Chicago SRW contracts closing 13 ¾ to 22 ½ cents higher, KC HRW up 14 ½ to 21 ¾ cents, and Minneapolis spring wheat up 13 to 15 ¼ cents. The gains followed Ukrainian drone strikes on Russia’s Novorossiysk port that halted operations at the country’s largest port, and Russia’s retaliatory strike on a vessel in Ukraine’s Odesa port. USDA data showed 2026 wheat production at 1.531 billion bushels, down 5 million from July, and 2026/27 ending stocks at 717 million bushels, also down 5 million. World ending stocks were raised by 0.41 million metric tons to 273.25 million metric tons, with increases for Canada and Ukraine offsetting a cut for the EU.
Wheat Futures Drop 9 to 11 Cents Across All Three Exchanges
Wheat futures are trading with midday losses across all three U.S. exchanges on Tuesday. Chicago SRW contracts are down 9 to 10 cents, KC HRW futures are falling 9 to 10 cents, and MPLS spring wheat is 10 to 11 cents lower across most contracts. The NASS Crop Progress report showed 91% of the U.S. winter wheat crop harvested, matching the normal pace, while spring wheat harvest reached 24%, ahead of the 19% five-year average. Spring wheat conditions declined 4% to 51% good to excellent, with the Brugler500 index dropping 9 points to 339. Ahead of Wednesday's monthly Crop Production report, analysts surveyed by Reuters expect total wheat production of 1.525 billion bushels, an 11 million bushel cut from July, with winter wheat seen down 9 million bushels to 981 million bushels and spring wheat expected to slip 7 million bushels to 468 million bushels. U.S. ending stocks are projected at 715 million bushels, a 7 million bushel drop from last month. Sovecon estimates Russian wheat exports in August at 3 to 3.4 million metric tons, down from 4.5 million metric tons last year, while IKAR pegs the Russian wheat crop at 90 million metric tons, down 0.5 million metric tons from last month. EU soft wheat exports from July 1 to August 9 totaled 1.01 million metric tons, sharply below the 2.36 million metric tons in the same period last year.
Wheat Futures Close Mixed as Traders Await USDA Crop Report
Wheat futures settled mixed on Monday, with winter wheat contracts firming while spring wheat declined. Chicago SRW futures gained up to 4 cents, KC HRW futures rose fractionally to 2.75 cents except for a half-cent loss in the September contract, and MPLS spring wheat fell 1.25 to 9.5 cents. The USDA's weekly Crop Progress report showed the US winter wheat harvest at 91% complete, matching the five-year average, while spring wheat harvest reached 24%, ahead of the 19% average pace, though spring wheat conditions slipped 4 percentage points to 51% good-to-excellent. Export inspections for the week ending August 6 totaled 421,277 metric tons, up 24.36% from the prior week and 1.55% above the same week last year, but cumulative marketing-year shipments of 3.332 million metric tons remain 24.56% behind last year's pace. Analysts surveyed by Reuters expect Wednesday's USDA Crop Production report to show total US wheat production at 1.525 billion bushels, an 11-million-bushel cut from July, with winter wheat at 981 million bushels and spring wheat at 468 million bushels, while ending stocks are projected at 715 million bushels, down 7 million from last month. APK-Inform lowered its Ukrainian wheat export forecast for 2026/27 to 13.5 million metric tons, contributing to a 3.7-million-ton reduction in total grain exports to 39.4 million metric tons.
Wheat Futures Rise at Midday on Black Sea Export Concerns and Algerian Tender
Wheat futures are trading higher across most contracts at Wednesday's midday, with Chicago SRW up 8 cents, Kansas City HRW front months up 12 cents, and Minneapolis spring wheat up 4 to 5 cents. The gains come amid heightened concerns over Black Sea export flows as the Russia-Ukraine conflict has escalated attacks on vessels and ports in recent weeks. Algeria purchased an estimated 300,000 to 720,000 metric tons of wheat in a tender on Wednesday, providing additional support. December CBOT wheat reached $6.65 1/4, December KCBT wheat hit $7.36 1/2, and December MIAX wheat traded at $7.13 1/2.
Wheat Futures Slide 5 to 7 Cents in Tuesday Morning Trade
Wheat futures are trading 5 to 7 cents lower across all three markets on Tuesday morning, reversing Monday's gains. Chicago SRW contracts had closed 10 to 12.25 cents higher, KC HRW futures were up 9.75 to 11.75 cents, and MPLS spring wheat gained 2.5 to 5.5 cents. The weekly NASS Crop Progress report showed the US winter wheat harvest at 86% complete, matching the normal pace, while spring wheat conditions improved 2% to 55% good to excellent. Export inspections for the week ending July 30 totaled 335,313 metric tons, a 19.68% drop from the prior week and less than half of the same week last year, with cumulative marketing-year shipments of 2.907 million metric tons running 27.36% below last year's pace.
Wheat Futures Start August with Slight Losses After Weekly Plunge
Wheat futures are starting August with modest declines of 1 to 4 cents across front months after a sharp sell-off last week. Chicago SRW contracts fell 18 ¼ to 24 ¼ cents on Friday, with September losing 38 ¾ cents for the week but still up 50 cents for July. KC HRW futures dropped 13 ¾ to 23 ¼ cents, leaving September down 37 ¾ cents on the week but 82 ¼ cents higher for the month. Managed money in CBT wheat futures and options slashed their net short by another 12,469 contracts in the week ending July 28, taking it to just 6,880 contracts, while in KC wheat they added 3,289 contracts to their net long, now at 33,233 contracts. A South Korean mill issued a tender to buy 50,000 metric tons of US wheat with a Tuesday deadline, and FranceAgriMer estimated the French soft wheat crop at 65% good to excellent as of July 27 with harvest complete.
Wheat Futures Retreat After Hitting Multi-Year Highs
Wheat futures pulled back on Thursday after earlier surging to fresh multi-year highs. Chicago SRW contracts closed 8 ½ to 13 cents lower, while KC HRW futures slipped 3 to 10 ¼ cents. MPLS spring wheat saw front months up ½ to 1 cent but back months down 2 to 5 cents. Weekly export sales totaled 290,016 metric tons, up 23.36% from the prior week but less than half the same week last year, with Mexico buying 137,600 metric tons and Taiwan 98,200 metric tons. The annual spring wheat tour estimated an average yield of 48 bushels per acre, below last year's 49.0 but above the five-year average of 45.8.
Wheat Futures Surge with Double-Digit Gains on Weather and Crop Concerns
Wheat futures are posting double-digit gains across all three markets on Wednesday, with contracts up 11 to 19 cents. Chicago SRW wheat for September delivery is currently up 18 3/4 cents at $6.78, while December is up 17 3/4 cents at $6.96. KC HRW wheat for September is up 17 cents at $7.33, and December is up 16 1/2 cents at $7.49 1/2. MIAX spring wheat for September is up 10 cents at $7.04 1/4, and December is up 11 cents at $7.28 1/4. The rally is supported by dry weather forecasts for the Northern Plains and a lower day-one yield estimate of 46 bushels per acre from the annual spring wheat tour in southern North Dakota, which is 4 bushels below last year. USDA Crop Progress data showed spring wheat conditions declining to 53% good to excellent, down 5 percentage points, with the Brugler500 index falling 6 points to 345. Additionally, Sovecon lowered its Russian wheat crop estimate by 0.6 million metric tons to 88.3 million metric tons due to reduced acreage.
Wheat Futures Rally Late Tuesday Led by Spring Wheat
Wheat futures rallied late on Tuesday, with contracts higher across all three markets. Chicago SRW contracts were 4 to 5 cents higher, while KC HRW futures rose 9 to 10.5 cents in the front months. MPLS spring wheat led the advance, gaining 11 to 12 cents, as forecasts showed little to no precipitation in the next week for Minnesota, the Dakotas, and the Pacific Northwest. USDA Crop Progress data indicated 74% of the US winter wheat crop is harvested, 3% ahead of normal, while spring wheat conditions fell 5% to 53% good to excellent, with the Brugler500 index dropping 6 points to 345. Sovecon lowered its Russian wheat crop estimate by 0.6 million metric tons to 88.3 million metric tons due to reduced acreage.
Wheat Futures Extend Gains on Black Sea Supply Disruptions
Wheat futures are posting modest gains of 2 to 5 cents in early Monday trading, building on last week's strong rally driven by escalating Black Sea conflict that has disrupted exports through strikes on ports and vessels. Chicago SRW contracts closed Friday 4 ¾ to 9 ½ cents higher, with September up 42 ½ cents for the week, while KC HRW futures surged 10 ½ to 15 ¾ cents on the day and September gained 56 cents on the week. MPLS spring wheat rose 6 ½ to 11 ½ cents on Friday, with September rallying 39 ¼ cents. Managed money sharply reduced their net short in CBT wheat futures and options by 25,527 contracts to 36,798 contracts in the week ending July 14, and added 5,730 contracts to their net long in KC wheat, reaching 17,494 contracts. The USDA reported 2026/27 wheat sales at 2.057 million metric tons as of July 9, representing 10% of the export projection and ahead of the five-year average pace of 9%. In France, the AgriMer rated 65% of the wheat crop as good to excellent, with harvest 92% complete, while Argus estimated the French wheat crop at 30.8 million metric tons, a 7.6% decline from last year.
Wheat Futures Surge to Limit Gains on Black Sea Export Disruptions
Wheat futures rallied sharply on Wednesday, with Kansas City hard red winter wheat hitting its 45-cent daily limit, as escalating conflict in the Black Sea region threatened exports. Chicago soft red winter wheat contracts were 35 to 36 cents higher at midday, while Kansas City contracts rose 41 to 43 cents in the front months after touching the limit. Minneapolis spring wheat futures gained 25 to 28 cents. The surge followed overnight Russian strikes on port locations in Odesa, Ukraine, in retaliation for recent Ukrainian attacks on Russian tankers in the Sea of Azov, adding to ongoing restrictions on Russian exports through the Kerch Strait. Taiwan importers purchased 98,150 metric tons of U.S. wheat overnight, providing additional support.
Wheat futures surged on Friday, with double-digit gains across all three exchanges, driven by reports that Russia restricted export flows through the Don-Azov channel, a route accounting for nearly a quarter of Russia's wheat shipments. Chicago SRW contracts rose 15¼ to 20¾ cents, with September up 40½ cents on the week; KC HRW futures gained 17¾ to 22 cents, and MPLS spring wheat added 11½ to 14¼ cents. Managed money reduced its net short in CBT wheat by 6,705 contracts to 62,325 and increased its net long in KC wheat by 4,845 contracts to 11,764. USDA's Crop Production report trimmed all wheat production by 7 million bushels to 1.536 billion bushels, while the WASDE showed U.S. carryout down 22 million bushels to 722 million and world stocks down 2.78 million metric tons to 272.84 million metric tons. Coceral cut its EU and UK output estimate by 2.9 million metric tons to 140.8 million metric tons, and French wheat crop ratings fell to 65% good/excellent.
Wheat Futures Decline Across All Three Markets on Wednesday
Wheat futures closed lower across all three U.S. markets on Wednesday. Chicago soft red winter wheat nearby contracts fell 1 to 3 3/4 cents, while Kansas City hard red winter wheat dropped 2 3/4 to 3 3/4 cents, and Minneapolis spring wheat settled 3 to 5 cents lower. Traders await Thursday's USDA export sales report, with expectations ranging from 225,000 to 550,000 metric tons for the 2024/25 marketing year and up to 50,000 metric tons for 2025/26. A South Korean impender issued a tender for 90,000 metric tons of wheat from the U.S. and Canada, including 50,000 metric tons specifically from the U.S. FranceAgriMer raised its forecast for French soft wheat exports within the European Union to 6.16 million metric tons, up 0.26 million from last month, while cutting its outlook for shipments outside the EU to 3.5 million metric tons, down 0.4 million.
Wheat futures are posting 3 to 5 cent gains early Wednesday morning, building on late-session strength from Tuesday. Chicago SRW contracts closed 3 ¼ to 7 ¼ cents higher on Tuesday, with open interest rising 3,610 contracts, while KC HRW futures were 1 ¼ to 4 ¾ cents higher and MPLS spring wheat was up 1 ¼ to 4 ½ cents in most contracts, with nearby July surging 11 ½ cents. USDA Crop Progress data showed 59% of the US winter wheat crop harvested by Sunday, 8% ahead of normal, with conditions steady at 26% good to excellent and the Brugler500 index up 1 point to 262, marking the final rating for the crop. Spring wheat conditions fell to 57% good to excellent, down 2%, with the Brugler500 index 1 point lower at 354, as deterioration in Idaho, North Dakota, and Minnesota offset improvements in Montana and South Dakota. Monthly trade data from Census showed May wheat exports at 1.609 million metric tons, down 13.73% from April and 26.7% below last year, bringing full marketing year exports including products to 912 million bushels.
Wheat futures posted double-digit gains on Monday despite weaker export data, supported by spillover strength from corn and soybeans. Chicago SRW contracts rose 11 3/4 to 15 1/2 cents, KC HRW futures were up 7 1/2 to 12 3/4 cents, and MPLS spring wheat gained 8 1/2 to 11 1/4 cents. The USDA reported 59% of the US winter wheat crop harvested, 8% ahead of normal, with conditions steady at 26% good to excellent. Weekly export inspections showed wheat shipments of just 133,652 metric tons, a 66.38% drop from the prior week and 74.44% below the same week last year. Saudi Arabia purchased 661,000 metric tons of wheat in a tender, while the French wheat crop was rated 68% good to excellent, down 6% from the previous week.
Wheat futures rallied across all three exchanges after USDA data showed lower-than-expected acreage and tighter stocks. Chicago SRW contracts rose 1¾ to 11¼ cents, KC HRW gained 10 to 11¼ cents, and MPLS spring wheat added 4 to 6 cents. All wheat planted acres came in at 42.74 million, well below the 43.8 million trade estimate and down 1.035 million from March intentions, driven by an 890,000-acre drop in winter wheat to 31.52 million. Quarterly grain stocks on June 1 totaled 920 million bushels, below the 931 million expected but still 65 million above last year. USDA also reported a private export sale of 100,000 metric tons of hard red spring wheat to Nigeria for 2026/27.
Wheat Closes Mostly Higher on Late Session Strength
Wheat futures closed mostly higher on Thursday, supported by late session buying. Chicago SRW contracts rose 4½ to 5½ cents, while KC HRW futures gained 3 to 5 cents in most contracts. MPLS spring wheat was mixed, with nearby July up 3 cents and other contracts down 1¼ to 3¼ cents. USDA reported weekly export sales of 504,489 metric tons, up 25.86% from the prior week and nearly double the same week last year, with Mexico buying 204,400 metric tons and Japan purchasing 118,700 metric tons. The International Grains Council raised its 2026/27 world wheat production estimate by 1 million metric tons to 821 million metric tons, while trimming new crop stocks by 2 million metric tons to 280 million metric tons. European Commission data showed EU wheat stocks for 2026/27 projected at 13.8 million metric tons, down 0.3 million metric tons from last month, with production cut by 0.6 million metric tons to 126.3 million metric tons.
Wheat Futures Slide, Spring Wheat Leads Losses Down Over 20 Cents
Wheat futures fell across all three markets on Tuesday, with spring wheat contracts posting the steepest declines. Chicago SRW futures were down 6 to 8 1/4 cents at midday, while KC HRW futures lost 10 to 12 cents, and MPLS spring wheat dropped 20 to 23 3/4 cents. USDA data showed the US winter wheat harvest at 40% complete, 16 percentage points ahead of the five-year average, though crop conditions slipped 1% to 26% good to excellent. Spring wheat conditions also declined 1% to 54% good to excellent, with deterioration noted in Washington, North Dakota, Idaho, and Minnesota. Commitment of Traders data revealed managed money reduced its net short in Chicago wheat by 9,786 contracts to 69,531, while speculators flipped to a net long of 7,620 contracts in KC wheat. Sovecon lowered its estimate for the 2026/27 Russian wheat crop by 1.4 million metric tons to 88.9 million metric tons.
Wheat Leads Grain Rally with Double-Digit Gains Across Front Months
Wheat futures led a broad grain rally on Wednesday, with front-month contracts posting double-digit gains across all three exchanges. Chicago SRW wheat front months rose 11 to 17 cents, while KC HRW futures climbed 10½ to 18¾ cents and MPLS spring wheat added 9¾ to 13¼ cents. Algeria purchased an estimated 800,000 metric tons of wheat in a tender, and FranceAgriMer raised its French wheat ending stocks estimate to 3.5 million metric tons, up 0.22 million from May. Traders await Thursday’s export sales data, with a Reuters survey projecting 2026/27 sales between 300,000 and 700,000 metric tons.