Wheat futures advanced on Monday morning, with contract prices climbing 7 to 13 cents higher across the major exchanges. This recovery followed a session of losses on Friday, during which the wheat complex declined across all three trading venues.
Chicago SRW wheat contracts finished Friday with fractional to 1 1/4 cent losses, though September contracts managed a weekly gain of 6 3/4 cents. Kansas City HRW futures posted session declines of 1 3/4 to 6 cents, with September contracts up 2 cents for the week. Minneapolis spring wheat declined 2 1/2 to 4 cents at the close but rallied 20 cents on a weekly basis.
The Commodity Futures Trading Commission’s weekly Commitment of Traders report indicated that managed money reduced its net short position in CBOT wheat by 4,916 contracts to reach 26,485 contracts net short. In Kansas City wheat, managed money added 7,173 contracts to their net long position, bringing it to 34,835 contracts.
U.S. export activity remained under pressure, with the weekly USDA Export Sales report showing 2026/27 wheat sales at 7.936 million metric tons, down 31 percent from the comparable period the prior year. This volume represented 38 percent of the current USDA export estimate and trailed both the 49 percent pace from the previous year and the 45 percent average. Meanwhile, Russian research firm Sovecon estimated the 2026 Russian wheat crop at 88.2 million metric tons, representing a 0.3 million metric ton decline from its previous projection.
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