Wheat Falling Back on Tuesday Morning

Wheat is facing weakness in early Tuesday trade. The wheat complex was higher across most contracts on Monday. Chicago SRW contracts were 1 ¼ to 3 cents higher at the close. Open interest suggested a rotation of ownership, up 572 contracts. KC HRW futures saw fractional to 1 ¾ cent gains on the day. Open interest was down 2,143 contracts on Monday. MPLS spring wheat was steady to 2 cents higher.

NASS Crop Progress data showed 83% of the US winter wheat crop planted as of 11/1, 1% shy of the 5-year average. Emergence was at 65%, matching the normal pace. Condition ratings were released, coming in at 44% good/excellent, with a Brugler500 index score (100-500 point scale using all 5 USDA categories) at 327. That was 1 point below last year’s initial rating, but above the 313 initial rating in the fall of 2025.

Monday morning’s Export Inspections report showed just 75,413 MT (18.79 mbu) of wheat shipped in the week of 10/29. That was 41.34% below last week, 78.54% below the same week last year, and the lowest for any week since the record started in1983. Mexico was the largest destination of 38,619 MT, with 28,482 MT shipped to Taiwan. The marketing year total is now 7.528 MMT (276.62 mbu) of wheat shipped since June 1, which is 36.34% above the same period last year.

The quarterly NASS Flour Milling report showed a total of 227 mbu of wheat ground for flour in July through September. That was 4.4 mbu shy of the same quarter last year.

Russia’s IKAR estimates the country’s wheat exports for 2026/27 at 39.5 MMT.

Dec 26 CBOT Wheat  closed at $6.06 1/2, up 3 cents, currently down 4 1/2 cents

Mar 27 CBOT Wheat  closed at $6.19 1/2, up 2 1/2 cents, currently down 5 cents

Dec 26 KCBT Wheat  closed at $6.46, up 1 3/4 cents, currently down 6 1/2 cents

Mar 27 KCBT Wheat  closed at $6.55, up 1 1/4 cents, currently down 6 3/4 cents

Dec 26 MIAX Wheat  closed at $6.26 3/4, up 2 cents, currently down 2 1/2 cents

Mar 27 MIAX Wheat  closed at $6.43 3/4, up 1 cent, currently down 1 3/4 cents

On the date of publication, Austin Schroeder did not directly have a position 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.