The wheat market is trading with double digit winter wheat gains on Monday morning, supported by some increased geopolitical tensions. Wheat closed Friday’s trade with mixed action in the winter wheats, as the spring wheat held higher. Chicago SRW futures were steady to 2 cents lower, as July slipped back 8 ½ cents from last Friday. Kansas City HRW contracts closed with 1 to 2 cents gains, as nearby July was down 5 ½ cents last week. Minneapolis spring wheat futures posted another round of 9 to 10 cent gains, as July was up 9 cents last week. 

Over the weekend, Ukraine attacked a Russian airbase, striking 40 Russian planes, mostly strategic bombers. While the market has been avoiding much out of the Black Sea region conflict, there may be some premium put back in the market via some headline news short covering.

Friday’s Export Sales report showed 128,797 MT in net reductions for 2024/25 wheat. New crop was tallied at 711,368 MT, which was a 3-week low. Unknown destinations was the top buyer of 213,000 MT, with Mexico in for 140,000 MT and South Korea purchasing 115,000 MT.

CFTC data from Friday afternoon showed managed money cutting 7,667 contracts from their net short position in Chicago wheat futures and options to 101,226 contracts as of May 27th. In Kansas City, they backed off another 801 contracts from their large net short position to 79,361 contracts as of Tuesday.

Jul 25 CBOT Wheat  closed at $5.34, unch, currently up 10 cents

Sep 25 CBOT Wheat  closed at $5.48 1/4, down 1/2 cent, currently up 9 3/4 cents

Jul 25 KCBT Wheat  closed at $5.33 1/4, up 1 1/2 cents, currently up 10 1/2 cents

Sep 25 KCBT Wheat  closed at $5.47, up 1 1/4 cents, currently up 10 3/4 cents

Jul 25 MGEX Wheat  closed at $6.25 1/2, up 10 cents, currently up 7 1/2 cents

Sep 25 MGEX Wheat  closed at $6.37 1/4, up 9 1/4 cents, currently up 7 1/4 cents