DTN HRS Analysis and Recommendations
06/03/2026
**Note To Readers**
NOTE: Regarding crop sales — in December 2025, USDA offered details for Farmer Bridge Assistance payments, with wheat producers receiving $39.35 per planted acre, or approximately $0.90 per bushel based on the 2025 national average wheat yield of 53.3 bushels per harvested acre, and 82% national average acreage for harvested area. The most recent recommendation was made June 18, 2025 (see Recommendations below).
The most recent recommendation was made April 16, 2026 (see Recommendations below).
POSITIONS
2026-27: Sold the first 25% of 2026 HRS production for fall delivery with September 2026 Minneapolis futures trading near $6.82.
2025-26: Sold final 25% of 2025 HRS production for spot delivery with the DTN HRS Index near $6.16.
2025-26: Sold 25% of 2025 HRS production on March 2, 2026, when May Minneapolis was trading near $6.09. 25% of the HRS crop remains unsold.
2025-26: Sold 25% of 2025 HRS production on June 18, 2025, when September Minneapolis futures were trading near $6.60 and December Minneapolis futures were near $6.77; 50% of 2025 HRS production remains unsold.
2025-26: Sold the first 25% of 2025 HRS production on June 2, 2025, when September Minneapolis wheat was trading near $6.45.
2025-26: Sold the first 25% of 2025 HRS wheat production when September Minneapolis wheat was trading near $6.45.
2024-25: Sold the remaining 75% of 2024 HRS wheat production on June 2, 2025 when July Minneapolis was near $6.33.
2024-25: Sold the first 25% of 2024 HRS wheat production on May 29, 2024 when July Minneapolis was near $7.56.
2023-24: Sold the final 25% of 2023 HRS wheat production on May 7, 2024, when July Minneapolis was near $7.19.
2023-24: Sold another 50% of 2023 HRS wheat production on April 26, 2024, when May Minneapolis wheat was near $6.97.
2023-24: Sold the first 25% of 2023 HRS wheat production on April 24, 2024, when May Minneapolis wheat was near $6.76.
2022-23: Sold the remaining 50% of 2022 HRS wheat production on July 20, 2023, when September Mpls. wheat was near $9.10.
2022-23: Sold 50% of 2022 HRS wheat production on June 23, 2023, when July Mpls. wheat was near $8.74.
CURRENT ASSESSMENT
The trend for spring wheat futures is still higher, but the market fell hard in the past week on the prospect that the Strait of Hormuz could open. Minneapolis wheat remains a neutral, Type 3 market.
DAILY NOTE
July MIAX Minneapolis wheat fell another 10 3/4 cents on Wednesday, closing at $6.26 1/4. Spring wheat futures fell sharply on Wednesday for the sixth straight day. The two-week radar features plenty of rainfall across the U.S. Northern Plains, and traders likely expect to see Monday’s crop ratings (47% good to excellent) rise through June. The trend for Minneapolis wheat has turned sideways.
RECOMMENDATIONS*
NOTE: Regarding crop sales — in December 2025, USDA offered details for Farmer Bridge Assistance payments, with wheat producers receiving $39.35 per planted acre, or approximately $0.90 per bushel based on the 2025 national average wheat yield of 53.3 bushels per harvested acre, and 82% national average acreage for harvested area.
(4/16/2026)
2025-26 and 2026-27:
With Minneapolis wheat futures rallying roughly 40 cents through the week thus far on a combination of U.S. drought conditions, worldwide fertilizer constraints and cost concerns, consider rewarding the return of prices toward 2026 highs by selling the final 25% of 2025 HRS production. The DTN HRS Index is likely near $6.16 at the time of this recommendation. At the same time, forward sell the first 25% of new-crop 2026 HRS production, with September 2026 futures near $6.82 and closing in on contract highs.
(3/2/2026)
2025-26:
With Minneapolis spring wheat futures rallying to seven-month highs through the second half of February, and a heightened degree of uncertainty given the onset of the war in the Middle East and subsequent surge in the U.S. dollar, consider rewarding the rally thus far with a sale of 25% of old-crop 2025 hard red spring production. May Minneapolis futures were near $6.09 at the time of the recommendation with the DTN HRS Index likely near $5.82. This leaves 25% of old-crop spring wheat unsold at this time.
(6/18/2025)
2025-26:
With September Minneapolis futures having rallied over 70 cents from mid-May lows, we recommend selling an additional 25% of 2025 HRS production. Sell versus the September or December board depending on your local choices. If storage is an option, sell versus the December board to pick up an additional 17 cents of board carry for delivery later in fall 2025. At the time of this recommendation, September MIAX Minneapolis futures were trading near $6.60 and December futures were near $6.77.
(6/02/25)
2025-26:
With new crop September Minneapolis wheat having rallied more than 60 cents per bushel from the low, take advantage of the strength to sell the first 25% of 2025 HRS production. At the time, September Minneapolis was trading near $6.45 per bushel.
(6/02/25)
2024-25:
With July Minneapolis wheat having rallied over 60 cents per bushel from the low, take advantage of the move higher to sell the remaining 75% of 2024 HRS production. At the time, July Minneapolis wheat was trading near $6.33.
(5/29/24)
2024-25:
With new crop Minneapolis September wheat having rallied nearly $1.30 just since early April, take advantage of the move higher to sell the first 25% of the 2024 HRS wheat production. At the time, September Minneapolis wheat is trading near $7.56. Sell versus the September or December futures depending on your local choices.
(5/07/24)
2023-24:
With July Minneapolis wheat having rallied over 85 cents in the last three weeks, take advantage of the recent rally and sell the final 25% of 2023 HRS wheat production at this time. July Minneapolis wheat is trading near $7.22.
*DTN recommendations are general in nature and are not intended to be specific for any particular person or farming business. The buying and selling of futures or options involves substantial risk and is not suitable for everyone. DTN accepts no responsibility for actual trades made.