Wheat is showing mixed action on Wednesday morning. The wheat complex was under continued pressure on Tuesday, with losses across the three markets. Chicago SRW futures were down 5 to 10 cents on Tuesday. There were 88 deliveries issued for May futures on FND.  Kansas City HRW contracts were 8 to 9 cents lower in the nearbys. There were 430 deliveries issued against May KC wheat overnight.  MPLS spring wheat posted 3 to 5 cent losses at the close. 

The 7-day QPF from NOAA shows heavy precip totals from KS to TX over the next week from 1+ to 5+ inches.

The European Commission tallies the 2024/25 soft wheat exports at 17.467 MMT from July 1 to April 27. That is a drop of 9.7 MMT from the same period last year. SovEcon raised it’s 2024/25 Russian export estimate by 0.2 MMT to 40.7 MMT. The 2025/26 projection was up 0.6 MMT at 39.7 MMT.

May 25 CBOT Wheat  closed at $5.05 3/4, down 9 3/4 cents, currently unch

Jul 25 CBOT Wheat  closed at $5.25 1/2, down 5 1/2 cents, currently up 1 ½ cents

May 25 KCBT Wheat  closed at $5.15 1/4, down 9 1/2 cents, currently down 1 ½ cents

Jul 25 KCBT Wheat  closed at $5.31, down 8 3/4 cents, currently down ½ cent

May 25 MGEX Wheat  closed at $6.05, up 15 cents, currently unch

Jul 25 MGEX Wheat  closed at $5.92 3/4, down 4 cents, currently up 2 cents