Wheat bulls are trying to battle back on Monday morning, with contracts up across the three exchanges. The wheat complex posted Friday losses to close the week. CBT soft red wheat futures were down 8 to 11 cents on Friday, as December saw a ½ cent loss last week. Preliminary open interest was down 8,529 contracts on Friday. KC HRW futures were 10 to 12 cents in the red at the close, with December 4 cents lower since last Friday. Open interest dropped 1,973 contracts on Friday. MPLS spring wheat futures were down 5 to 7 cents on Friday, as December held onto a weekly gains of 6 ¾ cents.
USDA showed US ending stocks for 2025/26 another 57 mbu higher to 901 mbu, That mainly came as production was increased by 58 mbu to 1.985 bbu as we found in the Small Grains Summary on September 30. The demand side of the balance sheet was left unchanged. World ending stocks were 7.37 MMT higher, taking the total to 271.43 MMT. That came as world production was up 12.69 MMT to 828.89 MMT, with Argentina (+2.5 MMT), Australia (+1.5 MMT), Canada (+1 MMT), Russia (1.5 MMT), the US all seeing an increase.
