The wheat market is trading with another round of strength at Wednesday’s midday. Chicago SRW futures are 8 to 9 cents in the green.  Kansas City HRW contracts a trading with contracts 7 to 8 cents higher so far on Wednesday. Minneapolis spring wheat futures are up 10 to 11 cents at midday. 

The next week shows limited precip for much of the western part of the Southern Plains, with some SRW areas looking to see a wetter pattern.

Export Sales data released on Thursday morning is expected to show 2024/25 wheat business in a range of net reductions of 200,000 MT and sales of 100,000 MT. New crop wheat sales are seen between 300,000 to 700,000 MT. 

Argentina is extending their export tax reduction from 12% to 9.5% on wheat until March 31, 2026. It was set to expire at the end of June. SovEcon estimates the 2025 Russian wheat crop at 81 MMT, which is 1.3 MMT above the previous estimate but shy of the 82.6 MMT number for the year prior.

Jul 25 CBOT Wheat  is at $5.54 1/4, up 8 1/4 cents,

Sep 25 CBOT Wheat  is at $5.68 1/2, up 8 3/4 cents,

Jul 25 KCBT Wheat  is at $5.44, up 7 3/4 cents,

Sep 25 KCBT Wheat  is at $5.58, up 8 cents,

Jul 25 MGEX Wheat  is at $6.08 1/2, up 10 3/4 cents,

Sep 25 MGEX Wheat  is at $6.21, up 10 3/4 cents,