The wheat market is continuing to bounce on Thursday, with all three exchanges heading higher.  Chicago SRW futures are up 5 to 6 cents so far at midday. Kansas City HRW futures are showing 2 to 3 cent gains as we trade through the session. Minneapolis spring wheat futures are posting fractional to 2 cent gains at midday.

The annual Hard Red Wheat Tour through Kansas had Day 2 route results at 53.3 bpa. That is above the 42.4 bpa from day 2 last year and a 4-year high. Day 3 results and the tour projection will be released later today. 

Thursday morning’s Export Sales report indicated old crop wheat bookings at a positive 58,627 MT, between estimates of reductions of 200,000 MT and net sales of 100,000 MT. Business for 2025/26 was tallied at 746,155 MT, exceeding the trade ideas of 350,000 and 600,000 MT. Much of that was sold to unknown destinations, at 245,000 MT, with 139,400 MT sold to the Philippines. That was also a MY high, with total sales of 804,782 MT at a 9-week high.

Saudi Arabia issued a tender to buy 655,000 MT of wheat. The EU wheat production estimate from Strategie Grains was pegged at 129.8 MMT, a 1.7 MMT increase from the previous number.

Sep 25 CBOT Wheat  is at $5.44 1/4, up 5 1/4 cents,

Dec 25 CBOT Wheat  is at $5.65 3/4, up 5 cents,

Sep 25 KCBT Wheat  is at $5.39 1/4, up 2 1/4 cents,

Dec 25 KCBT Wheat  is at $5.61 3/4, up 2 1/2 cents,

Sep 25 MGEX Wheat  is at $5.91, up 1/4 cent,

Dec 25 MGEX Wheat  is at $6.10 1/4, up 1 1/4 cents,