Market snapshot
Wheat contracts on the Chicago Board of Trade were poised to open 3/4 cent to 2 cents higher per bushel on Thursday, continuing a rally that reached a third consecutive session. Traders were adjusting positions ahead of the July 4 federal holiday, leading into a shortened trading window.
Data driving the move
The U.S. Department of Agriculture's acreage and stocks report, released on Tuesday, estimated 2026 U.S. wheat plantings to be well below market expectations. That downward surprise in planted area provided immediate support to prices.
In addition, the USDA reported net U.S. wheat export sales for the 2026/27 marketing year totaled 300,060 metric tons in the week ended June 25. Analysts had been looking for sales in a range between 300,000 and 600,000 tons, placing the reported figure at the low end of forecasts.
International buying also featured in market dynamics. Saudi Arabia issued a tender on Thursday to purchase 655,000 metric tons of wheat, according to the General Food Security Authority. Separately, Statistics Canada reported Canadian wheat area below trade expectations on Tuesday, adding another element of support for prices.
Contract prices
Specific contract levels reflected the broader support across futures curves. CBOT September soft red winter wheat was last quoted up 2-1/4 cents to $6.02-1/4 per bushel. Kansas City September hard red winter wheat was last 2-1/4 cents higher at $6.37-1/4 per bushel. Minneapolis September spring wheat was last up 1 cent to $6.19-1/2 per bushel.
Trading schedule
Trading at the Chicago Board of Trade is expected to resume at 8:30 a.m. CDT.
Note: The reporting here is based strictly on the USDA, Statistics Canada and procurement notices cited and on market quotes for the listed futures contracts.