The wheat complex ignored USDA Grain Stocks report showing tighter stocks on Wednesday, posting losses across the three exchanges. Chicago SRW closed the day with contracts down 5 ½ to 17 cents to lead the weakness. KC HRW futures posted 4 to 10 cent losses on the session. MPLS spring wheat saw weakness of 6 to 7 cents at the close.
The NASS Small Grains Summary from this morning showed all wheat production at 1.534 bbu, which was up just 3 mbu from the August Crop Production report and slightly above trade estimates. HRW was tallied at 466 mbu, with SRW at 294 mbu, and white winter wheat at 259 mbu. Spring wheat was pegged at 449.5 mbu.
NASS released their quarterly Grain Stocks data this morning, with September 1 stocks tallied at 1.846 bbu 1.857 billion bushels. That would was a drop of 288 mbu from a year ago and below estimates.
USDA’s Export Sales report will be out on Thursday, with traders looking for between 250,000 MT and 450,000 MT of wheat bookings in the week of 9/24.
SovEcon estimates the 2026/27 Russian wheat export projection at 36.7 MMT< a 4.7 MMT drop from their previous number
Dec 26 CBOT Wheat closed at $6.75 3/4, down 17 cents,
Mar 27 CBOT Wheat closed at $6.90 3/4, down 16 1/4 cents,
Dec 26 KCBT Wheat closed at $7.33, down 10 cents,
Mar 27 KCBT Wheat closed at $7.46 1/2, down 9 1/4 cents,
Dec 26 MIAX Wheat closed at $6.93 1/4, down 6 cents,
Mar 27 MIAX Wheat closed at $7.14 1/2, down 6 1/2 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.
