Wheat Futures Extend Tuesday Declines Into Wednesday Session

Wheat contracts moved lower in early Wednesday trading, extending losses from the previous session across all three major markets. Chicago SRW wheat closed down between 3 and 9½ cents, with open interest increasing by 600 contracts. KC HRW futures declined 2½ to 13¼ cents, while open interest fell 511 contracts. MPLS spring wheat settled 4¾ to 10 cents lower on the session.

The latest NASS Crop Progress report indicated that 96% of the U.S. spring wheat crop had been harvested by Sunday, in line with the five-year average. Winter wheat planting, however, trailed the five-year average by four percentage points at just 17% complete, with crop emergence at 2%.

Winter wheat planting may face delays this week, as 1 to 2 inches of rain are forecast for the Texas Panhandle through Kansas over the coming week.

The Buenos Aires Grain Exchange projects Argentina’s 2026/27 wheat crop at 23.4 MMT, a decline from last year’s 27.8 MMT. EU wheat exports from July 1 through September 20 were estimated at 6.3 MMT by the European Commission, up from 6.19 MMT in the prior-year period.

Coceral revised its UK and EU wheat crop estimate downward by 3.3 MMT to 137.5 MMT.

Dec 26 CBOT Wheat closed at $7.17¼, down 9½ cents, currently down 2 cents.

Mar 27 CBOT Wheat closed at $7.33¼, down 9½ cents, currently down 2¼ cents.

Dec 26 KCBT Wheat closed at $7.81¼, down 13¼ cents, currently down 3½ cents.

Mar 27 KCBT Wheat closed at $7.95¼, down 12½ cents, currently down 3½ cents.

Dec 26 MIAX Wheat closed at $7.36¼, down 10 cents, currently down 1¾ cents.

Mar 27 MIAX Wheat closed at $7.58¾, down 9¾ cents, currently down 6½ cents.

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