Wheat Rallying Early on Thursday Amid More Black Sea Strikes

Wheat is trading with contracts posting early double digit gains across most contracts. The wheat complex posted mostly lower trade on Wednesday with the spring wheat contracts holding higher. Chicago SRW contracts were lower on the midweek session with losses of 1 1/2 to 3 1/2 cents. Open interest was up 2,517 contracts on Wednesday. KC HRW futures were down 3/4 to 3 3/4 cents lower on Wednesday. Open interest was down 1,928 contracts. MPLS spring wheat was steady to 4 cents higher at the close.

Overnight, there was a Ukrainian drone strike on a Russian grains export terminal in Taman on the Kerch Strait

A Reuters survey of analysts shows expectations of 200,000 to 500,000 MT for 2026/27 MT wheat in the week of 7/23 ahead of the Thursday Export Sales report.

Black Sea traffic remains limited, as strikes between Ukraine and Russia continue on port and some internal logistics infrastructure. 

Sep 26 CBOT Wheat  closed at $6.60 3/4, down 1 3/4 cents, currently up 18 3/4 cents

Dec 26 CBOT Wheat  closed at $6.77 3/4, down 2 cents, currently up 18 3/4 cents

Sep 26 KCBT Wheat  closed at $7.25 1/2, down 3/4 cent, currently up 20 3/4 cents

Dec 26 KCBT Wheat  closed at $7.40 3/4, down 1 1/4 cents, currently up 20 1/4 cents

Sep 26 MIAX Wheat  closed at $7.05, up 2 1/2 cents, currently up 12 cents

Dec 26 MIAX Wheat  closed at $7.28 1/4, up 3 cents, currently up 12 1/2 cents

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.