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.
