Wheat opened Monday’s session mixed with Mpls and Chicago lower while KC was higher. By the time the night session had closed, all three wheat exchanges were posting losses. Selling was tied to profit taking as all three wheat exchanges saw traders take money off the table after trading to new contract highs on Friday. Technical selling was also evident as wheat’s August gains were the most seen in a decade. Pressure was also due to reports that Turkey is attempting to work on a Black Sea grain export deal between Russia and Ukraine.
On Tuesday wheat opened the session with each wheat exchange going in its own direction. Mpls was lower, Chicago higher and KC steady. Early activity was centered around technical selling and profit taking from traders who wanted to take money off the table. Reports ABARES is now estimating Australia’s wheat crop at 29.9 MMT vs 26.7 MMT previously. Wheat found strength once news broke that Russia rejected any plan to help facilitate exports for Ukraine. With that, the US will have to start seeing improving demand numbers to keep the rally alive.
In Wednesday’s session wheat opened lower across the board and proceeded to see a wild overnight session that saw wheat anywhere from up 10 cents to down 20 cents. Pressure was tied to profit taking and technical selling was once wheat hit new contract highs, sell orders were uncovered. Light selling was tied to hedge pressure as producers in the Southern Plains get ready to start planting their 2027 wheat crop. Expectations are looking for an increase in winter wheat acres. Losses were trimmed by comments from Ukraine’s ag minister stating that their ag export pace was a third of the needed pace. Mpls were able to close with small gains while the winter wheat exchanges faded into the close. Reports have Russia suspending their grain export duties to the end of 2026.
Wheat opened Thursday’s session mixed with Mpls and KC lower while Chicago was higher. Selling took the lead soon after the opening bell and wheat traded with minor losses up until 3 AM. Heavy selling moved into the market early in the am due to comments from Putin stating that Russia sees a chance for constructive peace talks with Ukraine. So once again, wheat chased the headline and went down the rabbit hole. Technical selling was also noted as traders trimmed positions in an attempt to clean up an overbought market condition. Position squaring and the evening up of positions ahead of the long weekend added pressure. Wheat was able to trim losses late in the day session with support spilling over from a higher soybean complex.
Dec Mpls support is at $7.21, Dec Chicago wheat support is $6.78; Dec KC support is $7.55.
For the week, Dec MIAX was at $7.45 down 24.25 cents, Dec Chicago was at $7.34 down 50.0 cents, Dec KC was at $8.0225 down 42.0 cents.
For the month, Sept MIAX was up 49.5 cents while Dec was up 48.5 cents, Sept Chicago was up $1.1725 while Dec was up $1.165, Sept KC was up $1.1275 while Dec was up $1.145.
Wheat Weekly Comments September 4
Wheat Weekly Comments September 4
Wheat opened Monday’s session mixed with Mpls and Chicago lower while KC was higher. By the time the night session had closed, all three wheat exchanges were posting losses. Selling was tied to profit taking as all three wheat exchanges saw traders take money off the table after trading to new contract highs on Friday. Technical selling was also evident as wheat’s August gains were the most seen in a decade. Pressure was also due to reports that Turkey is attempting to work on a Black Sea grain export deal between Russia and Ukraine.
On Tuesday wheat opened the session with each wheat exchange going in its own direction. Mpls was lower, Chicago higher and KC steady. Early activity was centered around technical selling and profit taking from traders who wanted to take money off the table. Reports ABARES is now estimating Australia’s wheat crop at 29.9 MMT vs 26.7 MMT previously. Wheat found strength once news broke that Russia rejected any plan to help facilitate exports for Ukraine. With that, the US will have to start seeing improving demand numbers to keep the rally alive.
In Wednesday’s session wheat opened lower across the board and proceeded to see a wild overnight session that saw wheat anywhere from up 10 cents to down 20 cents. Pressure was tied to profit taking and technical selling was once wheat hit new contract highs, sell orders were uncovered. Light selling was tied to hedge pressure as producers in the Southern Plains get ready to start planting their 2027 wheat crop. Expectations are looking for an increase in winter wheat acres. Losses were trimmed by comments from Ukraine’s ag minister stating that their ag export pace was a third of the needed pace. Mpls were able to close with small gains while the winter wheat exchanges faded into the close. Reports have Russia suspending their grain export duties to the end of 2026.
Wheat opened Thursday’s session mixed with Mpls and KC lower while Chicago was higher. Selling took the lead soon after the opening bell and wheat traded with minor losses up until 3 AM. Heavy selling moved into the market early in the am due to comments from Putin stating that Russia sees a chance for constructive peace talks with Ukraine. So once again, wheat chased the headline and went down the rabbit hole. Technical selling was also noted as traders trimmed positions in an attempt to clean up an overbought market condition. Position squaring and the evening up of positions ahead of the long weekend added pressure. Wheat was able to trim losses late in the day session with support spilling over from a higher soybean complex.
Dec Mpls support is at $7.21, Dec Chicago wheat support is $6.78; Dec KC support is $7.55.
For the week, Dec MIAX was at $7.45 down 24.25 cents, Dec Chicago was at $7.34 down 50.0 cents, Dec KC was at $8.0225 down 42.0 cents.
For the month, Sept MIAX was up 49.5 cents while Dec was up 48.5 cents, Sept Chicago was up $1.1725 while Dec was up $1.165, Sept KC was up $1.1275 while Dec was up $1.145.