Wheat Facing Early Wednesday Weakness

Wheat is showing modest losses on Wednesday morning. The wheat complex posted Tuesday weakness across the three markets. Chicago SRW were down 3 to 9 ½ cents at the close. Open interest rose 600 contracts. KC HRW futures were 2 ½ to 13 ¼ cents in the red. OI slipped 511, contracts. MPLS spring wheat was 4 ¾ to 10 cents lower on the session.

This week’s NASS Crop Progress report showed 96% of the US spring wheat crop harvested by Sunday, even with the average pace. The winter wheat crop was lagging the 5 year average for planting pace by 4 percentage points at 17% complete. Emergence was at 2%.

Winter wheat planting may be slowed this week, with 1 to 2 inches of rain expected from the TX panhandle to KS in the next week.

The Buenos Aires Grain Exchange estimates the 2026/27 Argentina wheat crop 23.4 MMT, which would be a decline from the 27.8 MMT from last year. EU wheat exports from July 1 to September 20 was estimated at 6.3 MMT according to the European commission, ahead of the 6.19 MMT last year.

Coceral estimates the UK and EU wheat crops at 137.5 MMT, a 3.3 MMT reduction from their previous number.

Dec 26 CBOT Wheat  closed at $7.17 1/4, down 9 1/2 cents, currently down 2 cents

Mar 27 CBOT Wheat  closed at $7.33 1/4, down 9 1/2 cents, currently down 2 1/4 cents

Dec 26 KCBT Wheat  closed at $7.81 1/4, down 13 1/4 cents, currently down 3 1/2 cents

Mar 27 KCBT Wheat  closed at $7.95 1/4, down 12 1/2 cents, currently down 3 1/2 cents

Dec 26 MIAX Wheat  closed at $7.36 1/4, down 10 cents, currently down 1 3/4 cents

Mar 27 MIAX Wheat  closed at $7.58 3/4, down 9 3/4 cents, currently 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.