Wheat is trading with slight gains in the winter wheat contracts on Thursday morning, as spring wheat is weaker. The wheat complex gave back some of the Tuesday gains, with contracts falling lower across the three markets on  Wednesday. CBT soft red wheat futures posted 5 to 6 cent losses. Open interest slipped 1,481 contracts on Wednesday. KC HRW futures fell back 7 to 8 cents. Preliminary open interest was up 1,170 contracts. MPLS spring wheat futures were down 2 to 3 cents in the nearbys.

The weekly Export Sales report will be published this morning, as analysts are looking for between 300,000 MT and 650,000 MT in the week of 9/11.

A South Korean mill importer purchased 30,000 MT of US wheat this overnight. French wheat ending stocks are estimated at 3.64 MMT according to FranceAgriMer, a 0.23 MMT drop from last month’s estimate. They also estimate exports outside of the EU at 7.85 MMT, up 0.35 MMT from the previous number. 

Canadian wheat production according to Statistics Canada was estimated at 36.62 MMT, a 1.9% increase vs. last year and above the 35.55 MMT projected in August. Spring wheat output is seen up 0.3% vs. 2024 at 26.608 MMT, which is also 0.6 MMT above August.

Dec 25 CBOT Wheat  closed at $5.28 1/4, down 5 3/4 cents, currently up 2 1/2 cents

Mar 26 CBOT Wheat  closed at $5.46 1/4, down 5 1/2 cents, currently up 3 cents

Dec 25 KCBT Wheat  closed at $5.16 1/4, down 7 1/4 cents, currently up 1 cent

Mar 26 KCBT Wheat  closed at $5.37 1/4, down 7 cents, currently up 1 1/4 cents

Dec 25 MGEX Wheat  closed at $5.74, down 2 1/2 cents, currently down 1 cent

Mar 26 MGEX Wheat  closed at $5.95 1/2, down 2 1/4 cents, currently down 1 1/4 cent