The wheat complex saw a stronger trade on Thursday, as the spring wheat market lead the charge. Chicago SRW futures were up 3 to 4 cents on the day. Kansas City HRW contracts saw 6 to 7 cent gains. Minneapolis spring wheat futures were 12 to 14 cents in green. 

Following a federal trade court ruling that President Trump’s liberation day tariffs were illegal, an appeals court issued a temporary stay on the ruling.

Export Sales data is pushed back to a Friday AM release due to the Monday holiday. Traders are looking for net reductions of 200,000 MT to sales of 100,000 for 2024/25, with new crop at 300,000 to 800,000 MT.

SovEcon estimates the Russian wheat exports for 2025/26 will total 40.8 MMT, a 1.1 MMT increase from their previous number. Private firm ASAP Agri estimates the Ukraine 2025/26 exports at 15 MMT, which is below 16.2 MMT from 2024/25.

Jul 25 CBOT Wheat  closed at $5.34, up 3 3/4 cents,

Sep 25 CBOT Wheat  closed at $5.48 3/4, up 3 1/4 cents,

Jul 25 KCBT Wheat  closed at $5.31 3/4, up 6 1/2 cents,

Sep 25 KCBT Wheat  closed at $5.45 3/4, up 6 1/4 cents,

Jul 25 MGEX Wheat  closed at $6.15 1/2, up 12 1/4 cents,

Sep 25 MGEX Wheat  closed at $6.28, up 13 1/2 cents,

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