Wheat Weakness Resumes on Thursday
Chicago wheat futures continued to decline on Thursday, pressured by ample global supply and rain forecasts in key U.S. growing regions. Despite a marketing-year high in export sales and a private sale of 132,000 MT to China, traders expanded short positions. Saudi Arabia’s new tender and lower Russian crop estimates offered limited support.
The wheat complex is continuing weakness on Thursday. Chicago SRW futures are 5 to 6 cents lower Thursday. KC HRW futures are slipping 6 to 7 cents lower so far at midday. MPLS spring wheat futures are 5 to 7 ¾ cents in the red on the day.
USDA reported a private export sale of 132,000 MT of white wheat to China this morning.
Export Sales from this morning for the week of 10/2 showed 887,864 MT in wheat sales, exceeding analysts’ estimates of 350,000 and 600,000 MT. That was a marketing year high for wheat.
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.
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.
Saudi Arabia issued a tender to buy 300,000 MT of wheat with offers due on Friday. SovEcon estimates the 2026 Russian wheat crop at 83.8 MMT, down from their 2025 crop estimate at 88.6 MMT.
Dec 25 CBOT Wheat is at $5.31 1/4, down 5 1/2 cents,
Mar 26 CBOT Wheat is at $5.43 3/4, down 5 3/4 cents,
Dec 25 KCBT Wheat is at $5.08 3/4, down 6 3/4 cents,
Mar 26 KCBT Wheat is at $5.25 1/2, down 6 1/4 cents,
Dec 25 MGEX Wheat is at $5.73 1/2, down 7 3/4 cents.
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Source : Nasdaq.com
