Wheat Rallying on Monday Morning

Wheat prices rebounded on Monday morning, rising 7 to 13 cents. The wheat market saw a decline on Friday across three exchanges. On Chicago SRW contracts, prices were slightly lower on Friday, while September wheat saw a 6 ¾ cent increase over the week. KC HRW futures experienced losses, with September wheat holding a 2 cent gain for the week.

MPLS spring wheat dropped 2 ½ to 4 cents, whereas September wheat surged 20 cents over the week. The CFTC's weekly Commitment of Traders report revealed managed money reducing their wheat net short position by 4,916 contracts, dropping to 26,485 contracts. Conversely, KC wheat traders increased their net long position by 7,173 contracts to 34,835 contracts.

Brazil's slow harvest and tight inventories are contributing to higher coffee prices. Cattle prices are struggling, but USDA data provides some bullish news. Lean hog prices remain at a 12-month low. Barchart Brief newsletter offers a free service to keep readers informed. Weekly USDA Export Sales report shows 2026/27 wheat sales at 7.936 MMT, down 31% from last year, accounting for 38% of the current USDA export estimate.

Russian wheat crop estimates stand at 88.2 MMT for 2026, a 0.3 MMT decrease from the previous number. On September 26, CBOT Wheat closed at $6.81 ½, down 1 ¼ cents, currently up 12 ½ cents compared to December 26.