The wheat complex closed sharply lower across most contracts on Friday, with double-digit losses driven by falling crude oil prices and money flowing out ahead of the weekend.
Crude oil fell $1.14 per barrel, adding pressure to the wheat market as traders also monitored a proposed agreement between the United States and Iran that the President was reviewing.
Chicago SRW futures dropped 10 to 13 cents across most contracts, with the July contract finishing down 35 and three-quarter cents for the week.
KC HRW futures fell 12 to 15 and a half cents in the red, as the July contract shed 32 and three-quarter cents on the week.
Minneapolis spring wheat declined 12 to 13 and a half cents on the session, with the July contract losing 25 and three-quarter cents since last Friday.
The USDA’s Export Sales report showed net cancellations of 807,348 metric tons for old crop, a marketing year low, with Japan posting net reductions of 171,600 MT, Panama canceling 108,500 MT, and Mexico canceling 103,300 MT.
New crop business came in at 1.058 million metric tons, a marketing year high and 48.66% above the same week last year, with Japan the top buyer at 252,100 MT, followed by the Philippines at 166,900 MT and Mexico at 125,600 MT.
Weekly CFTC data showed managed money adding 13,907 contracts of futures and options to the CBOT wheat net short as of Tuesday, bringing it to 18,706 contracts.
Spec funds trimmed their KC wheat net long position by 3,205 contracts during the same period, taking it to 26,870 contracts.
Russia’s agriculture ministry estimated the country’s wheat exports at 50 million metric tons for 2025/26, while France’s wheat crop saw a 3% drop in ratings to 78% good-to-excellent, according to FranceAgriMer.
The July 2026 CBOT Wheat contract closed at $6.10 and a half, down 13 and a half cents, while the September 2026 CBOT Wheat contract closed at $6.23 and a half, also down 13 and a half cents.
The July 2026 KCBT Wheat contract settled at $6.49 and three-quarters, down 15 and a half cents, with the September 2026 KCBT Wheat contract closing at $6.61 and a half, down 15 and a quarter cents.
The July 2026 MIAX Wheat contract closed at $6.64 and three-quarters, down 13 and a half cents, while the September 2026 MIAX Wheat contract settled at $6.89 and a half, down 13 and a half cents.
