Wheat futures displayed mixed trading activity across the three major exchanges on Monday. Chicago SRW wheat contracts experienced declines ranging from 8¼ to 16¼ cents, with December contracts down 6½ cents for the week. Kansas City HRW futures showed weakness, with contracts trading 10 to 20¼ cents lower, and December contracts declining 8¾ cents since the previous Friday. Minneapolis spring wheat faced pressure with contracts down 12½ to 20¼ cents, though December remained steady for the week. September futures contracts were set to expire on the publication date.
The U.S. Department of Agriculture maintained its production estimate unchanged, citing plans to release updated figures in the Small Grains Summary on September 30. The U.S. balance sheet remained largely static, with carryout inventory steady at 717 mbu. On the global front, worldwide stocks increased by 3.04 MMT to 276.29 MMT as production shifts occurred across major exporters. Russian and Ukrainian exports were reduced by a combined 4 MMT, while Australia’s output rose 3 MMT and Canada increased production by 1 MMT.
Export sales data, delayed due to a Monday holiday, revealed that 2026/27 wheat sales totaled just 194,233 MT for the week ending on September 3. This figure fell significantly short of trade expectations ranging from 250,000 to 500,000 MT and represented a 37.64% decline from the prior year period. Managed money reduced its net long position in Chicago wheat futures and options by 10,392 contracts to 4,262 contracts as of September 3. Conversely, speculators in Kansas City wheat added 964 contracts to their net long position, bringing it to 51,248 contracts.
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