Wheat Ticking Higher on Thursday Morning

Wheat is starting off Thursday with modest gains across the front months. The wheat complex was in retreat mode on Wednesday, with contracts lower across the three exchanges. Chicago SRW contracts closed in on the lows at the final bell, down 17 to 19 cents. Open interest was up 2,745 contracts. There were 3 deliveries against September CBT wheat overnight. KC HRW futures fell back 12 to 15 ½ cents across most contracts. OI was up 4,852 contracts, suggesting new selling. MPLS spring wheat was down 2 to 6 cents on the day.

USDA will likely 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. 

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. Expana trimmed their 2026/27 EU wheat production estimate by 0.7 MMT to 126.1 MMT, while raising the export projection by 0.8 MMT to 29.5 MMT. Sovecon estimates the Russian wheat export total for 2026/27 at 41.4 MMT, a 3.2 MMT drop from last month’s number.

Sep 26 CBOT Wheat  closed at $7.11 1/4, down 19 cents, currently up 1 1/2 cents

Dec 26 CBOT Wheat  closed at $7.28 3/4, down 18 1/4 cents, currently up 3 1/2 cents

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

Dec 26 KCBT Wheat  closed at $8.06 1/4, down 12 3/4 cents, currently up 1 1/2 cents

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

Dec 26 MIAX Wheat  closed at $7.48, down 6 cents, currently up 3 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.