Wheat futures are training with losses across all three markets on Friday morning. The wheat complex posted mostly higher trade on Thursday, with some spring wheat months an exception. Chicago SRW wheat was 7 to 9 cents higher on the Thursday session. KC HRW contracts were up 8 to 11 cents across most months at the close. There were 56 deliveries for July KC wheat overnight.MPLS spring wheat saw mixed trade on Thursday with September down 1 ¼ cents and contracts higher.

USDA’s Export Sales report from this morning showed 567,823 MT in 2025/26 sales, back down just 3.1% from the week prior but still more than double the same week last year. South Korea was the largest buyer of 90,000 MT, with 70,000 MT sold to Japan and 55,900 MT to Mexico. There was another 9,373 MT for 2026/27 sales.

Crop Production data will be updated today, with a Bloomberg survey of analysts showing all wheat production tightening by 14 mbu to 1.907 bbu, mainly on the lower harvested acres found at the end of June. Winter wheat is seen at 1.362 bbu, down 19 mbu from last month, with spring wheat seen at mbu and durum at 78 mbu. Wheat stock for the end of 2025/26 are seen at 894, just 4 mbu lower vs. last month. World wheat stock for the end of 2025/26 are seen at 262.5 MMT according to a Bloomberg survey of analysts, which is slightly below the 262.8 MMT from last month.

Strategie Grain estimates the EU soft wheat crop at 130.7 MMT for 2025/26, which is unchanged from the month prior. FranceAgriMer shows the soft wheat crop from France at 68% gd/ex, up 1 point from last week, with harvest at 36%.

Jul 25 CBOT Wheat  closed at $5.50 1/4, up 7 1/2 cents, currently unch

Sep 25 CBOT Wheat  closed at $5.54 1/2, up 7 1/2 cents, currently down 3 ¼ cents

Jul 25 KCBT Wheat  closed at $5.14, up 8 1/2 cents, currently unch

Sep 25 KCBT Wheat  closed at $5.34 3/4, up 10 3/4 cents, currently down 4 cents

Jul 25 MGEX Wheat  closed at $6.23, currently unch

Sep 25 MGEX Wheat  closed at $6.32, currently down 3 1/2 cents