Chicago, IL — April 26, 2026 — Wheat futures are sliding across all three U.S. exchanges on Friday, with Chicago SRW contracts leading the decline. May 26 CBOT Wheat dropped 6 1/4 cents to $6.04 1/2 per bushel, while July 26 CBOT Wheat fell 6 1/2 cents to $6.13 3/4.
Kansas City HRW futures saw steeper losses, with May 26 KCBT Wheat down 6 1/2 cents to $6.60 1/4 and July 26 KCBT Wheat losing 11 3/4 cents to $6.67 1/2. Minneapolis spring wheat posted smaller declines, with May 26 MIAX Wheat falling 1 3/4 cents to $6.72 3/4 and July 26 MIAX Wheat down 2 cents to $6.89 1/2.
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The pullback comes after weeks of price gains, driven by supply concerns and strong export demand.
Export Data Shows Strong Commitments
Weekly Export Sales data released Thursday by the USDA shows total export commitments at 24.67 million metric tons (MMT). That figure is 15% above the same period last year and represents 101% of the USDA’s full-year export projection.
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The 5-year average for this point in the marketing year is 102%, meaning current commitments are nearly on track. Industry watchers note that the strong pace could support prices in the near term, but today’s price action suggests traders are taking profits.
Russian Crop Estimate Cut
IKAR, a Moscow-based agricultural consultancy, lowered its estimate for the Russian wheat crop to 90 MMT. That’s a 1 MMT reduction from its previous forecast. Russia is the world’s largest wheat exporter, so any crop downgrade typically supports global prices.
The implication is that global supply could tighten further, especially if other major producers face similar issues. But traders are also watching the Black Sea region for any shifts in export logistics.
French Crop Quality Dips
FranceAgriMer reported that 83% of the French soft wheat crop is rated Good or Excellent. That’s a 1 percentage point drop from the prior week. France is the EU’s largest wheat producer, and the slight decline in quality adds to the supply narrative.
This suggests that while the crop is still in decent shape, the trend is not improving. Analysts will watch next week’s report for further deterioration.
Saudi Arabia Issues Tender
Saudi Arabia’s state grain buyer issued a tender to purchase 710,000 metric tons of wheat. The deadline for bids is Friday, April 26. The tender is one of the largest from Saudi Arabia this year, and it could provide a short-term boost to prices if filled.
But the market is also eyeing broader macroeconomic factors. A stronger U.S. dollar and lower crude oil prices are weighing on commodity markets generally, including wheat.
Data for this article was sourced from Barchart and USDA reports. As of publication, Austin Schroeder did not hold positions in any securities mentioned.
This article was produced with AI assistance and reviewed by our editorial team for accuracy and quality.
