The wheat complex is in rally mode on Thursday with the hard red contracts pushing higher. Chicago SRW futures are 2 to 3 cents in the green. KC HRW futures are 9 to 10 cents higher at midday. MPLS spring wheat is up 8 to 9 ½ cents on Thursday.
Export Sales data from this morning for the week ending on November 27 showed 460,655 MT of wheat sales in that week. That was in the middle of the 250,000-600,000 MT trade estimates. That was a 27.4% increase from last week and 21.8% larger than the same week last year.
Backlogged Commitment of Traders data showed managed money slashing 9,905 contracts from their net short position in the week ending on December 2, with the CBT wheat net short at 43,841 contracts of futures and options. In KC wheat, they were trimming the net short by 4,153 contracts to 17,911 contracts.
Expana estimates the EU soft wheat crop at 128.3 MMT for 2026/27, a drop of 8.5 MMT from last year if realized. SovEcon estimates the 2026 Russian wheat crop at 83.8 MMT, which is unchanged from the previous forecast but down 5 MMT from the year prior.
Mar 26 CBOT Wheat is at $5.08 1/2, up 2 1/4 cents,
May 26 CBOT Wheat is at $5.19 1/2, up 2 1/4 cents,
Mar 26 KCBT Wheat is at $5.17 1/2, up 9 3/4 cents,
May 26 KCBT Wheat is at $5.29 1/2, up 9 1/4 cents,
Mar 26 MGEX Wheat is at $5.71 1/2, up 9 1/2 cents,
May 26 MGEX Wheat is at $5.81 1/4, up 8 3/4 cents,
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.
