Wheat Retreats

The wheat complex was in retreat mode, with contracts lower across the three exchanges. Chicago SRW contracts closed in on the lows at the final bell, down 17 to 19 cents. KC HRW futures fell back 12 to 15 ½ cents across most contracts. MPLS spring wheat was down 2 to 6 cents on the day.

The weekly NASS Crop Progress report showed 86% of the US spring wheat crop harvested by Sunday, 3% ahead of the normal pace. The winter wheat crop was lagging the 5 year average for planting pace, by 3 percentage points at 2% complete.

USDA will leave the US production estimates alone in this month’s WASDE, as they wait for the Small Grains Summary on September 30. They will have a chance to update the rest of the balance sheet, with traders looking for few changes, as a Bloomberg survey shows an average guess of 718 mbu, just 1 mbu above August. 

South Korean importers purchased 100,000 MT of wheat from the US (50,000 MT) and Canada. Sovecon estimates the Russian wheat export total for 2026/27 at 41.4 MMT, a 3.2 MMT drop from last month’s number.

Canadian wheat stocks as of July 31 were tallied at 6.649 MMT, according to Stats Canada, which was up 56.8% from last year. Wheat excluding durum was at 5.547 MMT, up 48.8% from last year. The Rosario Grains Exchange estimates the Argentina wheat crop at 21 MMT for 2026/27, up 0.5 MMT from the previous estimate.

Sep 26 CBOT Wheat  closed at $7.11 1/4, down 19 cents,

Dec 26 CBOT Wheat  closed at $7.28 3/4, down 18 1/4 cents,

Sep 26 KCBT Wheat  closed at $7.91 3/4, down 13 cents,

Dec 26 KCBT Wheat  closed at $8.06 1/4, down 12 3/4 cents,

Sep 26 MIAX Wheat  closed at $7.27, down 2 cents,

Dec 26 MIAX Wheat  closed at $7.48, down 6 cents,

Register a Revolut Business Account