Wheat prices are trending higher across major exchanges on Thursday, following a mixed performance at the close of trading on Wednesday. Chicago SRW wheat contracts showed modest gains of up to 4 cents in the front months, while deferred contracts were slightly lower. Open interest in Chicago wheat rose by 7,792 contracts. Meanwhile, KC HRW wheat futures were mixed, with contracts ranging from 3 cents higher to a penny lower, and open interest increasing by 2,621 contracts. MPLS spring wheat closed slightly lower, with contracts down by up to 4 cents.
The latest NASS Crop Progress report indicates that 51% of the winter wheat crop was planted as of Sunday, lagging the 5-year average by 7 percentage points. Planting progress was particularly slow in Kansas, Michigan, and Ohio, where planting was behind normal by 12%, 15%, and 26% respectively. Emergence of the crop stood at 27%. Planting activities may slow in the coming days due to expected rainfall across several states, including Texas, Oklahoma, Kansas, Nebraska, Missouri, Illinois, and Indiana.
In international trade news, Algeria purchased an estimated 660,000 to 720,000 metric tons of wheat in a tender on Tuesday. Additionally, FranceAgriMer reported that French wheat exports outside the EU are estimated at 6.5 million metric tons, an increase of 0.2 million metric tons from their previous estimate. Ending stocks for French wheat were revised downward to 2.7 million metric tons, a decrease of 0.3 million metric tons from the prior estimate.
As of Thursday, the December 2026 CBOT Wheat contract is up 1 3/4 cents, currently trading at $6.73 1/4, while the March 2027 contract is up 2 cents, trading at $6.86 1/2. For the KCBT Wheat, the December 2026 contract is up 1 3/4 cents at $7.15, and the March 2027 contract is up 1 1/4 cents at $7.26 3/4. The December 2026 MIAX Wheat contract is up 2 cents at $6.90, and the March 2027 contract is up 1 3/4 cents at $7.08 1/4.