The wheat complex is falling lower across the three markets at midday. CBT soft red wheat futures are down 9 to 10 cents. Preliminary open interest was down 10,535 contracts on Friday, suggesting some short covering.  KC HRW futures are 11 cents lower so far on the Tuesday session. There were another 262 deliveries issued against September KC wheat. MPLS spring wheat is 4 to 10 cents higher at midday. 

This morning’s Export Inspections report showed a total of 802,780 MT (29.497 mbu) of wheat shipped in the week of 8/28. That was up 38.82% above the same week last year but 21.32% below the week prior. Mexico was the largest buyer of 155,283 MT, with 74,956 MT shipped to Japan and 67,024 MT to Vietnam. Marketing year shipments are now at 6.639 MMT (243.96 bbu), which is 14.54% above the same period last year.

The Friday afternoon Commitment of Traders report showed spec funds slashing 16,545 contracts from their net short position in CBT wheat futures and options to 81,587 contracts as of Tuesday. In Kansas City wheat futures and options, they trimmed 2,699 contracts from their net short position to 48,681 contracts.

ABARES estimates the Australia wheat production at 33.8 MMT for 2025/26, a 1% drop from last year. Russia’s wheat crop is estimated at 85.4 MMT according to Sovecon, with their export projection at 43.7 MMT, up from 43.3 MMT in their previous number.

Sep 25 CBOT Wheat  is at $5.08 1/2, down 9 1/2 cents,

Dec 25 CBOT Wheat  is at $5.25, down 9 1/4 cents,

Sep 25 KCBT Wheat  is at $4.92 3/4, up 6 cents,

Dec 25 KCBT Wheat  is at $5.08 3/4, down 11 cents,

Sep 25 MGEX Wheat  is at $5.55 1/4, down 4 cents,

Dec 25 MGEX Wheat  is at $5.70, down 10 cents,