Wheat is trading with gains across the three exchanges early on Monday. The markets closed the Thursday session on the mixed side, pulling back from early gains. Chicago SRW futures saw 1 to 2 cent gains to closed out Thursday, as May was down 7 cents last week. Kansas City HRW was the weak spot, steady to down 3 cents on the day, as May fall back 10 ½ cents last week. MPLS spring wheat was up 2 to 3 cents on Thursday, as May slipped 8 ¾ cents last week. 

Commitment of Traders data showed specs cutting 5,693 contracts from their net short position in CBT wheat futures and options as of Tuesday 96,439 contracts. In KC wheat, they were at a net short of 47,372 contracts, a reduction of 2,462 contracts during the week of April 15.

Export sales data showed a total of 76,497 MT of wheat sold in the week ending on April 10. Total export commitments are now 21.628 MMT, which is 97% of the USDA forecast and lagging the 102% average sales pace. 

Monthly data from the International Grains Council showed world wheat production for 2024/25 down just 1 MMT, as use was down 4 MMT. That caused stocks to be up 4 MMT to 268 MMT. The 2025/26 world crop was trimmed by 1 MMT, with consumption up 1. That, mixed with the increased carryover, saw stocks hiked by 1 to 260 MMT.

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

Jul 25 CBOT Wheat  closed at $5.62 1/4, up 1 1/4 cents, currently up 3 cents

May 25 KCBT Wheat  closed at $5.57 1/2, down 1/2 cent, currently up 3 1/2 cents

Jul 25 KCBT Wheat  closed at $5.70, down 2 1/4 cents, currently up 4 1/2 cents

May 25 MGEX Wheat  closed at $6.06 1/4, up 2 1/2 cents, currently up 2 1/2 cents

Jul 25 MGEX Wheat  closed at $6.19 1/4, up 2 1/4 cents, currently up 3 1/2 cents