The wheat market held onto some gains on the Wednesday session with spring wheat leading the charge. Chicago SRW futures were up 1 to 2 cents at the close. Kansas City HRW contracts are were firmer, with just fractional gains on the day. Minneapolis spring wheat futures were the bull leaders thanks to the weaker conditions, up 5 to 7 cents at the final bell. 

Weekly Crop Progress data tallied the spring wheat crop at 87% planted, 7 percentage points ahead of normal, with 60% emerged. The initial spring wheat ratings were 45% good/excellent, which is well below the 70% trade estimate. That is a 326 on the Brugler500 index and the poorest start to ratings since 1988. The crop in ND was at 307 on the Brugler500, with MN at 385.

The winter wheat crop was 75% headed, ahead of the 70% average pace. Conditions were down 2% at 50%, vs. expectations at 52%. That was a 332 on the Brugler500 index, down 4 from the week prior. Of the 18 major states, NE saw the largest drop in ratings at 28 points to 240, with OK also down 18 points and TX falling 13 points. Notable improvement was in CO (+14), SD (+8), NC (+7), and IN (+6).

The European Commission estimates the EU wheat production for 2025/26 at 126.6 MMT, a 0.3 MMT increase mo/mo. The stocks projection was up 0.5 MMT to 9.05 MMT.

Jul 25 CBOT Wheat  closed at $5.30 1/4, up 1 3/4 cents,

Sep 25 CBOT Wheat  closed at $5.45 1/2, up 1 1/4 cents,

Jul 25 KCBT Wheat  closed at $5.25 1/4, up 3/4 cent,

Sep 25 KCBT Wheat  closed at $5.39 1/2, unch,

Jul 25 MGEX Wheat  closed at $6.03 1/4, up 7 cents,

Sep 25 MGEX Wheat  closed at $6.14 1/2, up 5 1/4 cents,