Wheat is in rally mode early on Monday, with winter wheats trading with double digit gains. The wheat complex saw gains hold into the close across the three markets. Chicago SRW contracts were up 7 to 9 cents, as September was down 1 3/4 cents last week. KC HRW futures were 13 to 15 cents higher, with September up ½ cent on the week. MPLS spring wheat was up 8 to 9 cents at the close, with September up 6 ½ cents last week.
Weekly Commitment of Traders data indicated managed money in CBT wheat futures and options adding to their net short by 16m906 contracts in the week ending on August 4, taking it to just 23,786 contracts. In KC wheat, they trimmed 139 contracts from their net long, now at 33,094 contracts.
NASS will release updated production data for wheat on Wednesday via the monthly Crop Production report, with analysts surveyed by Reuters looking for 1.525 bbu of wheat, an `11 mbu cut from July if realized. Winter wheat is seen down 9 mbu to 981 mbu, with spring wheat expected to slip 7 mbu to 468 mbu.
The French soft wheat crop was estimated at 31.9 MMT according the country’s farm ministry, down just 0.1 MMT from last month. APK-Inform cut their Ukrainian wheat export forecast to 13.5 MMT for 2026/27, with total grain exports dropping 3.7 MMT to 39.4 MMT.
Sep 26 CBOT Wheat closed at $6.39 3/4, up 8 1/2 cents, currently up 11 cents
Dec 26 CBOT Wheat closed at $6.58 1/4, up 7 3/4 cents, currently up 10 1/2 cents
Sep 26 KCBT Wheat closed at $7.14, up 14 1/4 cents, currently up 14 3/4 cents
Dec 26 KCBT Wheat closed at $7.30 1/2, up 13 cents, currently up 14 1/4 cents
Sep 26 MIAX Wheat closed at $6.80 1/2, up 8 1/2 cents, currently up 7 3/4 cents
Dec 26 MIAX Wheat closed at $7.02 1/4, up 8 cents, currently up 8 cents
