The wheat complex is showing gains across the three markets on Thursday. Chicago SRW wheat us up 6 to 8 cents so far at midday. KC HRW contracts a showing gains of 7 ¾ cents in the September contract. July KC wheat had another 16 delivery notices overnight. MPLS spring wheat is showing fractional gains so far on Thursday.

USDA’s Export Sales report from this morning showed 567,823 MT in 2025/26 sales, which was on the high end of the 200,000 to 600,000 MT. That was back down just 3.1% from the week prior but still more than double the same week last year. South Korea was the largest buyer of 90,000 MT, with 70,000 MT sold to Japan and 55,900 MT to Mexico. There was another 9,373 MT for 2026/27 sales.

World wheat stock for the end of 2025/26 are seen at 262.5 MMT according to a Bloomberg survey of analysts, which is slightly below the 262.8 MMT from last month.

Strategie Grain estimates the EU soft wheat crop at 130.7 MMT for 2025/26, which is unchanged from the month prior.

Jul 25 CBOT Wheat  is at $5.50 1/2, up 7 3/4 cents,

Sep 25 CBOT Wheat  is at $5.53 3/4, up 6 3/4 cents,

Jul 25 KCBT Wheat  is at $5.05 1/2, up 2 cents,

Sep 25 KCBT Wheat  is at $5.31 3/4, up 7 3/4 cents,

Jul 25 MGEX Wheat  is at $6.14, unch,

Sep 25 MGEX Wheat  is at $6.32, up 3/4 cent,