The wheat complex experienced a decline across markets as of late September. Chicago SRW contracts fell by 8 ¼ to 16 ¼ cents, with December contracts dropping 6 ½ cents over the week, while KC HRW futures dropped 10 to 20 ¼ cents, with December down 8 ¾ cents since last Friday. MPLS spring wheat also faced losses, with contracts decreasing by 12 ½ to 20 ¼ cents.
Additionally, the USDA maintained its US production estimate at 717 million bushels, with the next update expected in the Small Grains Summary on September 30. Global wheat stocks rose by 3.04 million metric tons to 276.29 million metric tons, despite a combined drop of 4 million metric tons in Russian and Ukrainian exports.
Export sales data revealed just 194,233 metric tons of wheat sales for the week ending September 3, significantly below trade estimates of 250,000 to 500,000 metric tons. This represents a 37.64% decline from last year. Managed money reduced their net long positions in Chicago wheat futures by 10,392 contracts, leaving 4,262 contracts as of September 3.
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