To start the week wheat opened the session mixed while Mpls and KC higher while Chicago was lower. By the end of the night session all three exchanges were higher. Early support spilled over from the other grains as the strength in soybeans helped pull corn and wheat higher as well. Gains were kept in check by Friday’s bearish Nov Crop Production report, which increased wheat production in every major wheat exporting country except Ukraine. Last week’s weekly export shipments pace added pressure as they came in at a new marketing year low, while corn and soybean shipments soared. Wheat managed to push back towards the highs of the session with the other grains giving the wheat strength.
In Tuesday’s session wheat opened with each of the wheat exchanges trading in their own direction. By the time the night session was ending, Mpls and Chicago had extended gains while KC slipped into the red. Both winter wheat exchanges continued to trade on the defense today while Mpls traded with gains most of the session. It appears that today was more about the unwinding of long winter wheat short spring wheat spreading. Winter wheat also saw some profit taking today from yesterday’s strong performance, which was likely driven by USDA’s Crop Progress report. According to USDA, winter wheat planting progress was estimated at 92% complete vs 94% last year and vs 95% average. Winter wheat’s crop rating was estimated at 45% g/e, vs 49% last year and vs expectations for 52% g/e.
Wheat opened lower in Wednesday’s session but managed to turn mixed by the end of the night session. Buying stepped into the winter wheat contracts with support coming from USDA’s Crop Progress report, which put the crop rating for winter wheat at 45% g/e, the lowest rating in 25 years. Gains faded once the day session got under way with pressure spilling over from an overall lower grain complex. A stronger US dollar added pressure. Light selling was tied to reports that India will likely produce another record wheat crop this year, due to a 5% increase in acreage. Informa is estimating 2026 all wheat planted acreage at 44.0 million vs 45.3 million this year.
Wheat started Thursday’s session mixed with gains in the winter wheat exchanges while Mpls started on the defense. All three wheat exchanges were able to see gains by the end of the night session. Early support came from reports that China bought another 132 TMT of US white winter wheat. Another strong export sales estimate added support as for the week ending Oct 2 saw wheat export sales of 32.6 MB. Wheat exports are now at 9-year highs. Selling took charge once the day session started with increased world production estimate putting pressure on wheat. Sovecon increased Russia’s wheat production estimate to 88.6 MMT from their previous estimate of 87.8 MMT. Ukraine wheat crop was estimated at 23.0 MMT vs their previous estimate of 22.6 MMT. The increase in production has Ukraine officials not looking to put any sort of limits on exports. Technically wheat is in the middle of their recent trading range.
Dec MIAX MW support is $5.45, Dec CME MW support is $5.15, Dec Chicago wheat support is $5.00, Dec KC support is $5.00.
For the week, Dec Mpls MIAX was at $5.65 up 0.25 cent, Dec Chicago was at $5.27 down 0.25 cents, Dec KC was at $5.11 down 4.25 cents.
Wheat Weekly Comments November 21
Wheat Weekly Comments November 21
To start the week wheat opened the session mixed while Mpls and KC higher while Chicago was lower. By the end of the night session all three exchanges were higher. Early support spilled over from the other grains as the strength in soybeans helped pull corn and wheat higher as well. Gains were kept in check by Friday’s bearish Nov Crop Production report, which increased wheat production in every major wheat exporting country except Ukraine. Last week’s weekly export shipments pace added pressure as they came in at a new marketing year low, while corn and soybean shipments soared. Wheat managed to push back towards the highs of the session with the other grains giving the wheat strength.
In Tuesday’s session wheat opened with each of the wheat exchanges trading in their own direction. By the time the night session was ending, Mpls and Chicago had extended gains while KC slipped into the red. Both winter wheat exchanges continued to trade on the defense today while Mpls traded with gains most of the session. It appears that today was more about the unwinding of long winter wheat short spring wheat spreading. Winter wheat also saw some profit taking today from yesterday’s strong performance, which was likely driven by USDA’s Crop Progress report. According to USDA, winter wheat planting progress was estimated at 92% complete vs 94% last year and vs 95% average. Winter wheat’s crop rating was estimated at 45% g/e, vs 49% last year and vs expectations for 52% g/e.
Wheat opened lower in Wednesday’s session but managed to turn mixed by the end of the night session. Buying stepped into the winter wheat contracts with support coming from USDA’s Crop Progress report, which put the crop rating for winter wheat at 45% g/e, the lowest rating in 25 years. Gains faded once the day session got under way with pressure spilling over from an overall lower grain complex. A stronger US dollar added pressure. Light selling was tied to reports that India will likely produce another record wheat crop this year, due to a 5% increase in acreage. Informa is estimating 2026 all wheat planted acreage at 44.0 million vs 45.3 million this year.
Wheat started Thursday’s session mixed with gains in the winter wheat exchanges while Mpls started on the defense. All three wheat exchanges were able to see gains by the end of the night session. Early support came from reports that China bought another 132 TMT of US white winter wheat. Another strong export sales estimate added support as for the week ending Oct 2 saw wheat export sales of 32.6 MB. Wheat exports are now at 9-year highs. Selling took charge once the day session started with increased world production estimate putting pressure on wheat. Sovecon increased Russia’s wheat production estimate to 88.6 MMT from their previous estimate of 87.8 MMT. Ukraine wheat crop was estimated at 23.0 MMT vs their previous estimate of 22.6 MMT. The increase in production has Ukraine officials not looking to put any sort of limits on exports. Technically wheat is in the middle of their recent trading range.
Dec MIAX MW support is $5.45, Dec CME MW support is $5.15, Dec Chicago wheat support is $5.00, Dec KC support is $5.00.
For the week, Dec Mpls MIAX was at $5.65 up 0.25 cent, Dec Chicago was at $5.27 down 0.25 cents, Dec KC was at $5.11 down 4.25 cents.