Wheat Futures Firm at Midday as Traders Await USDA Update

Wheat futures were broadly higher across major U.S. exchanges at midday Thursday. Chicago soft red winter contracts gained 7 to 8 cents, Kansas City hard red winter futures rose 5 to 7 cents, and Minneapolis spring wheat advanced 9 to 11 cents. Three deliveries were reported against September Chicago Board of Trade wheat contracts overnight.

The USDA is expected to keep its U.S. wheat production estimate unchanged in this month’s World Agricultural Supply and Demand Estimates report while awaiting the Small Grains Summary scheduled for September 30. The agency may update other parts of the balance sheet, although traders anticipate limited changes. A Bloomberg survey showed an average ending-stocks estimate of 718 million bushels, just 1 million above August. Global stocks were forecast to decline by 0.3 million metric tons to 273 million.

Export Sales data has been delayed until Friday because of Monday’s holiday.

The Rosario Grains Exchange raised its estimate for Argentina’s 2026/27 wheat crop by 0.5 million metric tons to 21 million. Expana reduced its 2026/27 EU wheat production forecast by 0.7 million tons to 126.1 million while increasing the export projection by 0.8 million to 29.5 million. Sovecon estimated Russian wheat exports for 2026/27 at 41.4 million tons, 3.2 million below its previous forecast.

September 2026 CBOT wheat was quoted at $7.13, up 1 3/4 cents.

December 2026 CBOT wheat was at $7.36, up 7 1/4 cents.

September 2026 Kansas City wheat was quoted at $7.91 3/4, down 13 cents.

December 2026 Kansas City wheat was at $8.12, up 5 3/4 cents.

September 2026 Minneapolis wheat was quoted at $7.27 1/4, up 1/4 cent.

December 2026 Minneapolis wheat was at $7.57 3/4, up 9 3/4 cents.

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