The wheat complex is posting strength across the three exchanges at midday. Chicago SRW contracts are trading with 7 to 8 cent gains. There were 3 deliveries against September CBT wheat overnight. KC HRW futures are posting 5 to 7 cent higher trade on Thursday. MPLS spring wheat is showing 9 to 11 cents gains.
USDA will likely leave the US production estimates alone in this month’s WASDE, as they wait for the Small Grains Summary on September 30. They will have a chance to update the rest of the balance sheet, with traders looking for few changes, as a Bloomberg survey shows an average guess of 718 mbu, just 1 mbu above August. On the world side, stocks are seen down 0.3 MMT to 273 MMT.
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Export Sales data is delayed to Friday due to the Monday holiday.
The Rosario Grains Exchange estimates the Argentina wheat crop at 21 MMT for 2026/27, up 0.5 MMT from the previous estimate. Expana trimmed their 2026/27 EU wheat production estimate by 0.7 MMT to 126.1 MMT, while raising the export projection by 0.8 MMT to 29.5 MMT. Sovecon estimates the Russian wheat export total for 2026/27 at 41.4 MMT, a 3.2 MMT drop from last month’s number.
Sep 26 CBOT Wheat is at $7.13, up 1 3/4 cents,
Dec 26 CBOT Wheat is at $7.36, up 7 1/4 cents,
Sep 26 KCBT Wheat is at $7.91 3/4, down 13 cents,
Dec 26 KCBT Wheat is at $8.12, up 5 3/4 cents,
Sep 26 MIAX Wheat is at $7.27 1/4, up 1/4 cent,
Dec 26 MIAX Wheat is at $7.57 3/4, up 9 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.
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