The wheat complex is trading with contracts on the lower side of unchanged at midday. Chicago SRW futures are down 5 to 6 cents in the front months. There were 29 deliveries issued against May CBT wheat overnight.  Kansas City HRW futures are also 5 to 6 cents in the red so far on the day. Minneapolis spring wheat futures are slipping lower by 2 to 3 cents at midday.

The weekly Export Sales report from this morning showed 69,659 MT of wheat sold in the week of 5/1, within the estimated range of net reductions of 100,000 MT and net sales of 150,000 MT. Mexico bought 37,300 MT. New crop sales exceeded the range of 200,000 and 400,000 MT estimates at 492,978 MT. That was a marketing year high for the 2025/26 marketing year and more than double the previous week. Unknown destinations purchased a total of 183,500 MT, with 100,800 MT sol to South Korea.

On Monday, USDA will release the first WASDE showing the 2025/26 balance sheets. Analysts expect to see old crop at 850 mbu, a 4 mbu increase, with new crop seen at 863 mbu.

Taiwan mill importers purchased 99,200 MT of wheat from the US overnight. 

Jul 25 CBOT Wheat  is at $5.28 3/4, down 5 1/2 cents,

Sep 25 CBOT Wheat  is at $5.43 1/4, down 5 3/4 cents,

Jul 25 KCBT Wheat  is at $5.23 3/4, down 5 3/4 cents,

Sep 25 KCBT Wheat  is at $5.37 3/4, down 6 cents,

Jul 25 MGEX Wheat  is at $6.00 3/4, down 2 1/4 cents,

Sep 25 MGEX Wheat  is at $6.12 1/2, down 2 1/2 cents,