CBOT Wheat Futures Rise Ahead of Key Government Data Releases

CBOT wheat futures surged on Wednesday morning, rebounding from a six-week low reached in the previous session. The December soft red winter wheat contract gained 5-3/4 cents to $6.98-1/2 per bushel, while the Minneapolis December spring wheat contract added 7-1/4 cents to reach $7.50-1/4 per bushel.

The rally comes ahead of key government data releases from the US Department of Agriculture (USDA), which is set to release its quarterly grain stocks and annual small grains reports at 11 a.m. CDT. 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.

Meanwhile, grain consultancy SovEcon reduced its forecast for Russia's 2026/27 grain exports to 44.7 million metric tons from 49.4 million tons due to disruptions at southern ports.