Wheat Futures Rally on Tightening Supply Outlook

The wheat futures market is seeing increased prices across the board, with gains ranging from 1 to 4 cents per contract. This follows sharp prior gains and a tighter supply outlook.

NASS data showed U.S. wheat production for 2026 at 1.531 bbu, down 5 mbu from July. Within this category, hard red winter (HRW) production was reported at 463 mbu, down 8 mbu, while soft red winter (SRW) remained steady at 287 mbu.

The WASDE projection for 2026/27 U.S. ending stocks is at 717 mbu, a reduction of 5 mbu from last month's data. In contrast, global ending stocks were raised by 0.41 MMT to 273.25 MMT, primarily due to increases in Canadian and Ukrainian wheat production.