Wheat Falling Back from Overnight Highs at Midday

The wheat complex is trading mixed on Monday, with winter wheats higher and spring wheat trading lower. Chicago SRW contracts are posting 2 to 3 cent gains on the day. KC HRW futures are 1 to 3 cents higher at midday. MPLS spring wheat is down 5 to 8 cents in the front months.

Monday’s weekly Export Inspections report showed wheat shipments of 421,277 MT (15.48 mbu) in the week of 8/6. That was a 24.36% increase from the week prior and 1.55% larger than the same week last year. Japan was the largest destination of 81,506 MT, with 78,035 MT shipped to Mexico and 66,000 MT to the Philippines. Shipments for the marketing year are now 3.332 MMT (122.4 mbu) of wheat, which is 24.56% below the same period last year.

NASS will release updated production data for wheat on Wednesday via the monthly Crop Production report, with analysts surveyed by Reuters looking for 1.525 bbu of wheat, an `11 mbu cut from July if realized. Winter wheat is seen down 9 mbu to 981 mbu, with spring wheat expected to slip 7 mbu to 468 mbu. US ending stocks are seen at 715 mbu, which would be a 7 mbu drop from last month.

APK-Inform cut their Ukrainian wheat export forecast to 13.5 MMT for 2026/27, with total grain exports dropping 3.7 MMT to 39.4 MMT. 

Sep 26 CBOT Wheat  is at $6.42, up 2 1/4 cents,

Dec 26 CBOT Wheat  is at $6.60 3/4, up 2 1/2 cents,

Sep 26 KCBT Wheat  is at $7.15 3/4, up 1 3/4 cents,

Dec 26 KCBT Wheat  is at $7.33 1/4, up 2 3/4 cents,

Sep 26 MIAX Wheat  is at $6.72 1/4, down 7 1/4 cents,

Dec 26 MIAX Wheat  is at $6.97, down 5 1/4 cents,