CBOT Wheat Futures Rebound Ahead of USDA Reports
Wheat futures on the Chicago Board of Trade (CBOT) saw a rebound on Wednesday morning, rising to a 6-cent gain per bushel as traders repositioned ahead of key government data releases. The December soft red winter wheat contract climbed to $6.98-1/2 per bushel, while Minneapolis December spring wheat added 5-3/4 cents to reach $7.05 per bushel.
The US Department of Agriculture (USDA) is set to release its quarterly grain stocks and annual small grains reports at 11 a.m. CDT on Wednesday. Analysts surveyed by Reuters expect the USDA to lower its estimate of the 2026 harvest to 1.524 billion bushels from the previous forecast of 1.531 billion bushels.
Grain consultancy SovEcon reduced its forecast for Russia's 2026/27 grain exports to 44.7 million metric tons from 49.4 million tons, citing disruptions to exports from Russia's southern ports as the reason for the downward revision. Meanwhile, a state agency in Pakistan purchased approximately 180,000 metric tons of wheat through an international tender that closed this week.