Wheat Fading Back on Wednesday AM Trade
Wheat is showing 2 to 7 cent losses early on Wednesday. The wheat complex was in rally mode on Tuesday, posting double digit gains at the close. Chicago SRW contracts were 9 ½ to 12 cents higher on the day. Open interest was up 7,047 contracts on Tuesday. KC HRW futures were up 10 1/2 to 14 cents in the front months Open interest was down 1,684 contracts. MPLS spring wheat posted gains of 9 ¾ to 11 ½ cents at the close.
Monthly trade data from Census showed 2.057 MMT (75.58 mbu) of wheat exported in August, which was 23.47% below last year but up 24.83% from last month.
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Weekly NASS Crop Progress data showed 36% of winter wheat crop was planted as of Sunday, lagging the 5 year average for planting pace by 10 percentage points. Planting was lagging in KS (-16%), OK (-21%), and TX (-13%). Emergence was at 16%.
A drone strike on a sunk a merchant vessel in the Black Sea on Tuesday. SovEcon estimates the Russian wheat crop at 87.5 MMT for 2026, below their previous number by 0.7 MMT.
Dec 26 CBOT Wheat closed at $7.04 1/4, up 12 cents, currently down 6 1/2 cents
Mar 27 CBOT Wheat closed at $7.17 1/2, up 11 1/4 cents, currently down 6 1/4 cents
Dec 26 KCBT Wheat closed at $7.56 1/4, up 14 cents, currently down 7 1/2 cents
Mar 27 KCBT Wheat closed at $7.69, up 14 cents, currently down 7 cents
Dec 26 MIAX Wheat closed at $7.20 3/4, up 11 1/4 cents, currently down 3 3/4 cents
Mar 27 MIAX Wheat closed at $7.37 3/4, up 11 1/2 cents, currently down 2 3/4 cents
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
