The wheat complex is showing weakness across the three exchanges at midday. Chicago SRW futures were 9 to 10 cents lower on Wednesday. KC HRW futures settled 10 to 11 1/4 cents in the red. MPLS spring wheat futures were down 1 to 3 cents at the close on Wednesday. Talks of a possible peace deal with Ukraine and Russia were adding pressure.

Rain is expected to fall across much of Southern Plains over the next week, extending over to parts of SRW country. Totals are heaviest in TX, OK, and AR, with 4 to 6 inches expected and other totals over an inch. 

Census trade data was delayed due to the shutdown but tallied a total of 2.69 MMT of wheat shipped in August. That was the highest total in 9 years for the moth and a 16.81% increase from last year. 

Export Sales data will be released on Thursday showing data for the week of 10/2. Analysts are looking for between 350,000 and 600,000 MT in wheat sales. 

Delayed Commitment of Traders data showed specs adding 1,474 contracts to their net short in CBT wheat by September 30 to 99,209 contracts. In KC wheat, they were adding 3,569 contracts to 53,873 contracts net short.

The Ukraine Ag Ministry estimates the country’s wheat crop at 23 MMT, up 0.4 MMT from 2024, with exports expected to reach 17 MMT in 2025/26.

Dec 25 CBOT Wheat  closed at $5.36 3/4, down 9 3/4 cents,

Mar 26 CBOT Wheat  closed at $5.49 1/2, down 9 1/2 cents,

Dec 25 KCBT Wheat  closed at $5.15 1/2, down 10 3/4 cents,

Mar 26 KCBT Wheat  closed at $5.31 3/4, down 11 1/4 cents,

Dec 25 MGEX Wheat  closed at $5.81 1/4, down 1 1/2 cents,

Mar 26 MGEX Wheat  closed at $5.86 3/4, down 2 1/4 cents,

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