The wheat complex is showing modest weakness so far at Monday’s midday. Chicago SRW contracts are trading with steady to fractionally lower trade on Monday. KC HRW futures are down 4 to 5 cents at midday. MPLS spring wheat is fractionally to 2 cents lower.
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 is at $6.71, unch,
Mar 27 CBOT Wheat is at $6.84 1/2, down 3/4 cent,
Dec 26 KCBT Wheat is at $7.14 1/2, down 4 3/4 cents,
Mar 27 KCBT Wheat is at $7.27, down 4 3/4 cents,
Dec 26 MIAX Wheat is at $6.94 1/2, down 3/4 cent,
Mar 27 MIAX Wheat is at $7.12, down 1 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.