Wheat Continuing Weaker Trade on Wednesday

Wheat is lower so far on Wednesday morning, with losses in all three markets. The wheat complex continued losses into the Tuesday close. Chicago SRW futures were 9 to 11 1/4 cents lower across most contracts. Open interest showed new selling, up 16,479 contracts. KC HRW futures were 6 to 7 cents in the red at the close. OI was up 4,519 contracts. MPLS spring wheat was down 2 to 3 3/4 cents across the front months. Large world supplies among major exporters is looming over the market. 

The forecast for the next week calls for a dry pattern in much of the Southern Plains. The 7-day QPF from NOAA shows SRW country with as much as an inch.

The French farm ministry estimates the country 2026 soft wheat acreage at 4.56 million hectares (11.25 million acres), up 0.1 million ha from last year (0.24 million acres).  EU soft wheat exports totaled 10.5 MMT since July 1 to December 14, now lagging last year by 0.3 MMT.

A South Korean importer purchased a total of 20,800 MT of wheat to be originated from the US overnight. 

Mar 26 CBOT Wheat  closed at $5.09 1/2, down 11 1/4 cents, currently down 1 cent

May 26 CBOT Wheat  closed at $5.19 1/2, down 9 1/2 cents, currently down 1/4 cent

Mar 26 KCBT Wheat  closed at $5.05, down 7 cents, currently down 3/4 cent

May 26 KCBT Wheat  closed at $5.17 1/2, down 6 3/4 cents, currently down 3/4 cent

Mar 26 MGEX Wheat  closed at $5.65, down 3 3/4 cents, currently unch

May 26 MGEX Wheat  closed at $5.76 1/2, down 2 3/4 cents, currently down 1/4 cent