Wheat Facing Early Wednesday Weakness

Wheat is showing modest losses on Wednesday morning. The wheat complex posted Tuesday weakness across the three markets. Chicago SRW were down 3 to 9 ½ cents at the close. Open interest rose 600 contracts. KC HRW futures were 2 ½ to 13 ¼ cents in the red. OI slipped 511, contracts. MPLS spring wheat was 4 ¾ to 10 cents lower on the session.

This week’s NASS Crop Progress report showed 96% of the US spring wheat crop harvested by Sunday, even with the average pace. The winter wheat crop was lagging the 5 year average for planting pace by 4 percentage points at 17% complete. Emergence was at 2%.

Winter wheat planting may be slowed this week, with 1 to 2 inches of rain expected from the TX panhandle to KS in the next week.

The Buenos Aires Grain Exchange estimates the 2026/27 Argentina wheat crop 23.4 MMT, which would be a decline from the 27.8 MMT from last year. EU wheat exports from July 1 to September 20 was estimated at 6.3 MMT according to the European commission, ahead of the 6.19 MMT last year.

Coceral estimates the UK and EU wheat crops at 137.5 MMT, a 3.3 MMT reduction from their previous number.

Dec 26 CBOT Wheat  closed at $7.17 1/4, down 9 1/2 cents, currently down 2 cents

Mar 27 CBOT Wheat  closed at $7.33 1/4, down 9 1/2 cents, currently down 2 1/4 cents

Dec 26 KCBT Wheat  closed at $7.81 1/4, down 13 1/4 cents, currently down 3 1/2 cents

Mar 27 KCBT Wheat  closed at $7.95 1/4, down 12 1/2 cents, currently down 3 1/2 cents

Dec 26 MIAX Wheat  closed at $7.36 1/4, down 10 cents, currently down 1 3/4 cents

Mar 27 MIAX Wheat  closed at $7.58 3/4, down 9 3/4 cents, currently down 6 1/2 cents

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