Wheat is starting Thursday trade with slight weakness. The wheat complex closed with Wednesday gains across most contracts in the three exchanges. CBT soft red wheat futures saw steady trade in nearby December, as other contracts were 2 to 3 cents higher. Preliminary open interest was down 15,115 contracts on Wednesday, mostly in December. KC HRW futures were 1 to 2 ½ cents higher on Wednesday. Open interest dropped 2,026 contracts. MPLS spring wheat futures closed the session with contracts fractionally higher.
USDA is expected to release their WASDE this Friday despite the ongoing shutdown, with a Reuters survey showing analysts looking for US wheat stocks at 867 mbu, a 23 mbu increase from the September report, likely to include the increased production. World ending stocks are seen at 266.13 MMT, up 1.93 MMT from September is realized.
The French farm ministry expected the country’s soft wheat production at 33.3 MMT, up 0.1 MMT from the previous month. A South Korean importer purchased 75,000 MT of wheat in a tender overnight. SovEcon estimates the 2026 Russian wheat crop at 83.8 MMT, down from 87.8 MMT from this year, due to a drop in acreage. Expana estimates the EU wheat crop at 136.8 MMT, up 0.4 MMT from last month.
Dec 25 CBOT Wheat closed at $5.36, unch, currently down 2 cents
Mar 26 CBOT Wheat closed at $5.52 1/2, up 3/4 cent, currently down 1 1/2 cents
Dec 25 KCBT Wheat closed at $5.25 1/2, up 1 3/4 cents, currently down 1 3/4 cents
Mar 26 KCBT Wheat closed at $5.41 3/4, up 2 1/2 cents, currently down 2 cents
Dec 25 MGEX Wheat closed at $5.70 3/4, up 1/4 cent, currently down 1 1/2 cents
Mar 26 MGEX Wheat closed at $5.84 1/4, up 1/2 cent, currently down 1 cent
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.
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