Wheat is starting December with weakness across most contracts. The wheat complex saw mixed trade on Friday’s short session. Chicago SRW futures saw mixed action with front months withing 2 cents of unchanged, as December was up 4 cents last week. KC HRW futures were mixed, with December up ½ cent and March 2 ½ cents lower, as the former was up 6 ¾ cents last week. MPLS spring wheat was up 2 ¾ cents in the December contracts, which was up 14 ¼ cents on the week, with other contracts down fractionally lower on the day. There were no deliveries issued against December CBT wheat Friday night, with another 2 against December KC wheat.
Delayed Export Sales data for the week of October 16 was out last Friday, with a total of 341,306 MT of wheat sold. That was a 3-week low.
The catch-up will continue this morning with USDA data for the week of 10/23 expected to show between 350,000 and 650,000 MT of wheat sales.
Russia’s wheat crop for 2025/26 is estimated at 86.5 MMT according to Argus, a 1.9 MMT drop from their prior number. ABARES estimates the 2025/26 Australian wheat crop at 35.6 MMT, a 4% hike from 2024/25.
Dec 25 CBOT Wheat closed at $5.31, up 2 cents, currently up 4 cents
Mar 26 CBOT Wheat closed at $5.38 1/2, down 2 cents, currently down 4 1/4 cents
Dec 25 KCBT Wheat closed at $5.17 3/4, up 1/2 cent, currently up 1/4 cents
Mar 26 KCBT Wheat closed at $5.27 1/2, down 2 1/2 cents, currently down 3 3/4 cents
Dec 25 MGEX Wheat closed at $5.79 1/4, up 2 3/4 cents, currently unch
Mar 26 MGEX Wheat closed at $5.78, down 1/2 cent, currently up 1/4 cents
