The wheat market is declining as contracts for Chicago SRW are down 2 to 3.5 cents, and KC HRW futures are down 5 to 6 cents as of midday Monday, September 11. September futures are set to expire today. In the week ending September 10, U.S. wheat export inspections reported shipments of 456,720 metric tonnes (16.78 million bushels), a decrease of 5.9% from the previous week and 39.78% from the same week last year, with Japan being the largest destination at 118,788 metric tonnes.
Managed money has decreased its position in Chicago wheat futures and options by 10,392 contracts to a net long of 4,262 contracts as of September 3. Additionally, CFTC data indicates an increase of 964 contracts in the net long positions for KC wheat, totaling 51,248 contracts. Ukrainian wheat production is estimated at 25 million metric tonnes for the 2026/27 marketing year, indicating a 2.4 million metric tonne increase from earlier estimates, with projected wheat exports at 10.5 million metric tonnes.
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