On Tuesday, the wheat market is experiencing significant pressure, with spring wheat contracts leading declines. Chicago SRW contracts are down by 6 to 8.25 cents, while KC HRW futures have lost 10 to 12 cents. MPLS spring wheat futures are showing a decrease of 20 to 23.75 cents.
As of Sunday, 40% of the U.S. winter wheat crop has been harvested, which is 16% ahead of the normal pace. The Brugler500 index for overall wheat conditions decreased by 3 points to 264, with only 26% rated good/excellent. Additionally, the spring wheat crop is currently 16% headed, matching the 5-year average, but conditions are down 1% to 54% good/excellent.
Sovecon has estimated Russia’s wheat crop for 2026/27 at 88.9 million metric tons, a reduction of 1.4 million metric tons from previous estimates. Recent Commitment of Traders data indicate managed money has reduced their net long position in the Chicago market to 69,531 contracts, while in KC wheat, spec funds have shifted to a net long of 7,620 contracts.
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