Wheat Starts Thursday with a Bounce: Futures Up 1–8 Cents on Tenders

Wheat futures began Thursday trading 1–8 cents higher as the market staged a modest rebound following midweek declines. The bounce was broad-based across Chicago SRW, Kansas City HRW and Minneapolis spring wheat contracts, reflecting short-covering and selective buying in early sessions.

Midweek action saw Chicago SRW contracts finish Wednesday down about 2 to 5 ¾ cents, while open interest declined by 6,033 contracts as positions were trimmed. KC HRW contracts also registered losses in the 4 to 5 ¾ cent range and MPLS spring wheat posted fractional to modest declines into the close, signaling a near-term shift in trader positioning.

Price moves in front-month CBOT and KCBT contracts resumed modest gains in overnight/early trade; such shifts can influence domestic cash bids and miller procurement decisions. Traders are watching spreads between nearby and deferred months for signals on physical demand and storage economics, and liquidity remains centered in the front months.

On the macro side, short-term weather forecasts from NOAA showing dry conditions across parts of western Kansas into the Texas panhandle support regional production concerns, while eastern areas may receive 1–2 inches of precipitation—an uneven pattern that underlines crop risk heterogeneity. Meanwhile, SovEcon's higher Russian crop estimate adds a supply-side variable that could moderate upside pressure on prices.

Looking ahead, market participants expect this week's U.S. weekly export sales report and international tender outcomes to set the near-term tone. Reuters-reported tenders indicate Taiwan flour millers bought an estimated 105,950 tonnes of U.S.-origin wheat and Saudi Arabia issued a tender for roughly 710,000 tonnes, developments that directly inform demand expectations and near-term volatility. Traders will likely remain cautious until export data and tender awards provide clearer signals.