Wheat Showing Mixed Trade on Monday Morning

Wheat is starting off Monday trade with slightly mixed trade. The wheat complex saw pressure on Friday following a bearish USDA report that saw a stocks hike. Chicago SRW contracts were 10 to 12 ½ cents in the red with December slipping 12 cents since last Friday. Open interest was up 5,494 contracts on Friday. KC HRW futures were 10 to 17 ¼ cents lower in the front months, as December was 16 cents lower last week. OI was down 1,790 contracts. MPLS spring wheat was down 2 ¾ to 10 ¾ cents on Friday with December 2 ¾ cents lower on the week.

The government will be closed for today due to the Columbus Day Holiday, with the Export Inspections and Crop Progress reports pushed to Tuesday. 

USDA’s monthly WASDE update showed US wheat stocks up 23 mbu to 740 mbu on Friday as output was raised by 3 mbu from the September Small Grains Summary. Exports were cut by 25 mbu, as imports were up 5 and feed/residual up 10 mbu. World stocks were trimmed by 0.25 MMT to 276.04 MMT. A 3 MMT increase to Russian stocks (from a cut to exports) was offset by a 1.8 MMT cut to EU stocks, as well as Argentina down 0.5 MMT and China down 1 MMT.

The weekly CFTC report from Friday indicated managed money in CBT wheat futures and options adding 7,873 contracts to their net short position in the week ending on October 6. That took their net short to 29,543 contracts. Specs in KC wheat cut back 6,670 contracts from their net long, taking it to 24,040 contracts.

Algeria issued a tender to buy wheat, with a deadline of Tuesday. APK-Inform raised their wheat production estimate for Ukraine by 0.5 MMT to 25.5 MMT. Russia’s IKAR estimate the 2026 Russian wheat crop at 88 MMT, down 2 MMT from their previous number

Dec 26 CBOT Wheat  closed at $6.71, down 12 1/4 cents, currently down 1/2 cent

Mar 27 CBOT Wheat  closed at $6.85 1/4, down 12 1/2 cents, currently down 1/2 cent

Dec 26 KCBT Wheat  closed at $7.19 1/4, down 17 cents, currently down 1/2 cent

Mar 27 KCBT Wheat  closed at $7.31 3/4, down 17 1/4 cents, currently down 3/4 cent

Dec 26 MIAX Wheat  closed at $6.95 1/4, down 10 3/4 cents, currently up 2 cents

Mar 27 MIAX Wheat  closed at $7.13 1/4, down 10 1/4 cents, currently up 2 1/4 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.