Wheat Starting Wednesday with a Bounce

Wheat is looking at a modest recovery early on Wednesday. The wheat complex was pressure across the three markets on Tuesday, with spring wheat leading the bears. Chicago SRW contracts were 8 1/4 to 10 3/4 cents in the red at the close. Open interest suggested longs were exiting, down 8,946 contracts. KC HRW futures posted 13 to 15 1/4 cent losses across the board. Open interest was down 1,959 contracts. MPLS spring wheat was 14 to 24 3/4 cents to lead the bears.

Much of the spring wheat area from MN to ID is expected to receive 1-2 inches of rainfall in the next week, with heavier totals in Canada.

NASS Crop Progress data showed 40% of the US winter wheat crop harvested by Sunday, 16% ahead of normal. Conditions were down 1% to 26% gd/ex, with the Brugler500 index 3 points lower to 264. An average of the major HRW states show a 2 point drop to 211 points, with SRW up 2 points at 359, and the white wheat states averaging 352, down 15 points on the week. 

The spring wheat crop was 16% headed, matching the 5-year average pace. Spring wheat conditions were 54% gd/ex, down 1%, with the Brugler500 slipping 1 point to 351. Deterioration was noted in WA (-9), ND (-4), ID (-4) and MN (-1). Improvement was noted in MT (+9) and SD (+3).

Sovecon estimates the Russian wheat crop at 88.9 MMT for 2026/27, down 1.4 MMT from the previous number.

Jul 26 CBOT Wheat  closed at $5.86 3/4, down 10 3/4 cents, currently up 2 cents

Sep 26 CBOT Wheat  closed at $5.97, down 10 1/2 cents, currently up 2 1/4 cents

Jul 26 KCBT Wheat  closed at $6.18 1/4, down 15 1/4 cents, currently up 2 3/4 cents

Sep 26 KCBT Wheat  closed at $6.25 1/4, down 14 3/4 cents, currently up 3 cents

Jul 26 MIAX Wheat  closed at $5.88, down 24 3/4 cents, currently up 3 1/2 cents

Sep 26 MIAX Wheat  closed at $6.18 1/2, down 21 cents, currently up 2 cents