The wheat complex held the weakness into the Thursday close. Chicago SRW futures were down 5 cents in the front months. Kansas City HRW futures were 4 to 5 cents in the red on the day. Minneapolis spring wheat futures fell back 2 to 3 cents at the close.

The weekly Export Sales report from this morning showed 69,659 MT of wheat sold in the week of 5/1. Mexico bought 37,300 MT. New crop sales exceeded the range estimates at 492,978 MT. That was a marketing year high for the 2025/26 marketing year and more than double the previous week. Unknown destinations purchased a total of 183,500 MT, with 100,800 MT sold to South Korea.

On Monday, USDA will release the first WASDE showing the 2025/26 balance sheets. Analysts expect to see old crop at 850 mbu, a 4 mbu increase, with new crop seen at 863 mbu.

Taiwan mill importers purchased 99,200 MT of wheat from the US overnight. Statistics Canada data from this morning showed wheat stocks at the end of March totaling 15.421 MMT, down 1.2% from last year.

Jul 25 CBOT Wheat  closed at $5.29 1/4, down 5 cents,

Sep 25 CBOT Wheat  closed at $5.44, down 5 cents,

Jul 25 KCBT Wheat  closed at $5.24 3/4, down 4 3/4 cents,

Sep 25 KCBT Wheat  closed at $5.38 3/4, down 5 cents,

Jul 25 MGEX Wheat  closed at $6.00 3/4, down 2 1/4 cents,

Sep 25 MGEX Wheat  closed at $6.12 1/2, down 2 1/2 cents,