The wheat complex was in rally mode across the across the three exchanges on Friday. Chicago SRW futures were up 17 to 18 cents on the day, with July slipping back over the course of the week. Kansas City HRW contracts were also 17 to 18 cents higher at the close, with the losses for July limited to 8 ½ cents for the week. Minneapolis spring wheat futures were 13 to 14 cents in the green on Friday, to close the week with July down a dime.

Weekly CFTC data showed managed money cutting back 6,561 contracts from their large net short position in Chicago wheat futures and options. They held a net short of 94,011 contracts by Tuesday. In Kansas City wheat, they trimmed 3,064 contracts from their large net short to 74,964 contracts by June 10th

USDA Export Sales data has current 2025/26 commitments at 5.191 MMT, which is the larger for the first week of the marketing year since 2019/20. That is 26.4% of the USDA projection that was updated on Thursday, and compares to a 5-year average at 24%.

The French soft wheat crop was rated at 70% gd/ex per FranceAgriMer estimates, which was a 1 point improvement in the week.

Jul 25 CBOT Wheat  closed at $5.43 3/4, up 17 1/4 cents,

Sep 25 CBOT Wheat  closed at $5.59 1/4, up 17 1/2 cents,

Jul 25 KCBT Wheat  closed at $5.40 3/4, up 18 cents,

Sep 25 KCBT Wheat  closed at $5.55, up 17 1/2 cents,

Jul 25 MGEX Wheat  closed at $6.34 1/4, up 13 1/2 cents,

Sep 25 MGEX Wheat  closed at $6.45 1/4, up 13 1/2 cents,