Wheat is trading with losses across the three exchanges early on Friday. The wheat complex was under pressure with the rest of the grains on Thursday, as the Trump/Xi meeting yielded very few headlines for any potential ag purchases. Chicago SRW futures were down 11 3/4 to 18 cents in the front months. There were 11 deliveries issued for May CBT wheat overnight. Open interest was up 3,512 contracts on Thursday. KC HRW futures were leading the charge, with 11 1/4 to 20 cent losses. OI was rose 2,345 contracts. MPLS spring wheat was 15 3/4 to 17 3/4 cents lower on Thursday. 

The Kansas Wheat Quality Tour was completed on Thursday, with an average yield of 38.9 bpa. That was the lowest average yield for the tour since 2023, and the second lowest since 2018. The production total was 218 mbu, which compares to the 214 mbu from USDA on Tuesday.

USDA’s Export Sales report from Thursday morning showed 133,485 MT in old crop wheat sales. That was back up from last week and well above the same week last year. Indonesia was the buyer of 70,000 MT, with the Philippines buying 56,000 MT. Sales for new crop were seen at 221,143 MT. That was the second largest total for the marketing year but down 70.36% from the same week last year. Mexico was the buyer of 79,200 MT, with 66,500 MT sold to the Philippines.

Jul 26 CBOT Wheat  closed at $6.58, down 17 1/2 cents, currently down 10 cents

Sep 26 CBOT Wheat  closed at $6.71 3/4, down 16 1/2 cents, currently down 9 1/2 cents

Jul 26 KCBT Wheat  closed at $7.05 1/4, down 19 1/2 cents, currently down 9 3/4 cents

Sep 26 KCBT Wheat  closed at $7.16, down 20 cents, currently down 9 1/2 cents

Jul 26 MIAX Wheat  closed at $7.03 1/2, down 17 1/4 cents, currently down 4 1/2 cents

Sep 26 MIAX Wheat  closed at $7.23, down 17 3/4 cents, currently down 4 3/4 cents