Wheat Market Under Pressure as Black Sea Tensions Escalate

The wheat market is under pressure ahead of Tuesday's trading session, with losses reported across three exchanges at midday. The Chicago SRW is down 5 to 6 cents, KC HRW futures are 8 to 9 cents in the red, and MPLS spring wheat is down 7 to 8 cents.

Tensions remain high in the Black Sea region due to ongoing strikes on energy infrastructure. This week's Crop Progress report showed that 96% of US spring wheat was harvested by Sunday, meeting the average pace. However, winter wheat planting lagged behind the five-year average for the same period, with only 17% complete.

The Buenos Aires Grain Exchange estimates Argentina's 2026/27 wheat crop at 23.4 million metric tons (MMT), a decline from last year's 27.8 MMT. EU wheat exports from July 1 to September 20 were ahead of the previous year, totaling 6.3 MMT.

CBOT Wheat prices are down, with December 26 at $7.21 1/4 and March 27 at $7.37 1/4, both down 5 1/2 cents. KCBT Wheat is also lower, with December 26 at $7.85 3/4 and March 27 at $7.99 1/2, down 8 3/4 cents and 8 1/4 cents respectively.