The wheat complex failed to hold in the gains on Thursday. Chicago SRW futures were steady to a penny higher at the close. KC HRW futures functionality to 2 cents in the red. MPLS spring wheat is settled Thursday with fractional front month gains.

Export sales data for the week of January 1 was released this morning, as USDA showed 118,701 MT of 2025/26 wheat sold, shy of analysts expectations of 200,000 to 500,000 MT. That was still 6.64% above the same holiday week last year and a 24.4% improvement from last week. The Philippines was the largest buyer of 61,000 MT, with 32,000 MT sold to unknown destinations. There were net reductions of 9,347 MT for 2026/27.

Census data from this morning showed 1.96 MMT (72.2 mbu) of wheat shipped in October, a 6-year high but down 39.19% from last month.

USDA will release an updated WASDE on Monday, with wheat ending stocks seen down 5 mbu to 896 mbu.

Mar 26 CBOT Wheat  closed at $5.18, unch,

May 26 CBOT Wheat  closed at $5.29, up 1 cent,

Mar 26 KCBT Wheat  closed at $5.30 1/4, down 1 1/4 cents,

May 26 KCBT Wheat  closed at $5.43, down 1/4 cent,

Mar 26 MIAX Wheat  closed at $5.71 1/4, up 3/4 cent,

May 26 MIAX Wheat  closed at $5.82 1/2, up 1/2 cent,

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