Wheat Showing Mixed Action on Thursday Morning

Wheat markets showed mixed action early Thursday, with winter wheat posting modest gains while spring wheat slipped. The wheat complex led the grain rally again on Wednesday, as the KC segment set fresh highs. Chicago SRW futures were at their highest since 2024 on the front-month continuation chart, rising 21 to 27 ¾ cents, while open interest increased by 6,053 contracts. KC HRW futures led to the highest spot level since August 2023, up 21 to 30 ½ cents, with OI up 2,054 contracts. MPLS spring wheat gained 16 to 24 3//4 cents. Traders are awaiting Thursday’s FAS Export Sales report, with expectations for net 2026/27 sales ranging from 200,000 to 550,000 MT. A NOAA 7-day outlook cited little to no precipitation across Minnesota and the Dakotas through the Pacific Northwest, while Russia paused nighttime shipments from Novorossiysk due to Ukraine drone strikes. CBOT and KCBT settlement prices were higher across listed contracts.