Wheat Feeling Extending Weakness on Monday Morning

Wheat is slipping lower on Monday morning trade with losses of 1 to 4 cents. The wheat complex fell lower on Friday. Chicago SRW contracts were down 1 to 8 cents on the session in most contracts, as December fell back 12 ¼ cents. Open interest was up 1,588 contracts on Friday. KC HRW futures closed the day with contracts down 2 to 3 ¼ cents, as December was 11 ¾ cents lower on the week. OI was up 5,265 contracts. MPLS spring wheat was 4 to 7 ¾ cents in the red, as December fell 7 ¾ cents last week.

Commitment of Traders data showed managed money increasing their net short in Chicago wheat futures and options by 13,867 contracts, taking it to 88,726 contracts. In KC wheat, they were busy increasing their new net short by 4,857 contracts to 6,722 contracts.

The weekly Export Sales report has total wheat export business at 12.18 MMT for 2026/27, down 28% from a year ago. That is 60% of the USDA export projection and lags the 67% average pace from the last 5 years. 

USDA’s monthly WASDE report will be released on Tuesday, with Bloomberg survey of analysts looking for US wheat stocks to be raised by 4 mbu to 744 mbu.

The French wheat crop is estimated at 84% planted as of November 2 according to FranceAgriMer, ahead of the 77% pace from last year. APK-Inform estimate the Ukrainian 2026 wheat crop at 26.5 MMT, up 1 MMT from the month prior’s number. SovEcon estimates the 2026/27 Russian wheat export number at 36 MMT, down 0.7 MMT from their prior number.

Dec 26 CBOT Wheat  closed at $5.91 1/4, down 8 cents, currently down 1 1/2 cents

Mar 27 CBOT Wheat  closed at $6.02 3/4, down 7 cents, currently down 1 cent

Dec 26 KCBT Wheat  closed at $6.32 1/2, down 3 1/4 cents, currently down 4 cents

Mar 27 KCBT Wheat  closed at $6.39 3/4, down 3 1/4 cents, currently down 3 cents

Dec 26 MIAX Wheat  closed at $6.16, down 4 cents, currently down 2 3/4 cents

Mar 27 MIAX Wheat  closed at $6.30 1/4, down 7 1/4 cents, currently down 2 cents

On the date of publication, Austin Schroeder did not directly have a position 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.