CBOT Wheat Futures End Higher in Choppy Trade

CBOT Wheat Futures End Higher in Choppy Trade

Chicago Board of Trade wheat futures settled slightly higher on Thursday following a choppy trade driven by volatile crude oil prices. Analysts say the poor condition of drought-afflicted U.S. wheat has been priced in and the market is looking ahead to months of harvest pressure and a global oversupply of the grain.

Volatile Oil Prices Impact

Oil prices have been volatile in recent sessions as traders parse conflicting signals on the possibility of an end to the three-month Iran war and a potential re-opening of the Strait of Hormuz. Traffic through the maritime chokepoint remains at a small fraction of the pre-war level.

Global Oversupply Expectations

Consultants Sovecon raised their 2026 wheat production forecast for leading exporter Russia to 90.3 million metric tons from 89.7 million tons. CBOT July soft red winter wheat (WN26) settled 1-1/2 cents higher to $6.24 per bushel.

K.C. July hard red winter wheat (KWN26) dropped 6-1/2 cents to $6.69-3/4 per bushel, and Minneapolis July spring wheat (MWEN26) settled down 3-1/2 cents to $6.77-1/4 per bushel.