Wednesday Wheat Market Declines Despite Tighter Stocks

The wheat market experienced losses on Wednesday, despite a tighter stocks number reported by the USDA. The Chicago SRW contracts led the decline, closing down 5 ½ to 17 cents. Kansas City HRW futures posted 4 to 10 cent losses, while MPLS spring wheat saw weakness of 6 to 7 cents.

The latest NASS Small Grains Summary reported all wheat production at 1.534 billion bushels (bbu), up just 3 million bushels from the August Crop Production report and slightly above trade estimates. HRW was tallied at 466 million bushels, SRW at 294 million bushels, and white winter wheat at 259 million bushels.

The USDA's Grain Stocks data revealed a drop of 288 million bushels in September 1 stocks compared to the previous year, below estimates. SovEcon estimates a 4.7 million metric ton (MMT) drop in Russian wheat exports for the 2026/27 season, down from their previous number.