The wheat complex is experiencing losses across all three major exchanges. As of midday, Chicago SRW futures are down 5 to 6 cents, KC HRW futures have decreased by 8 to 9 cents, and MPLS spring wheat futures are down 7 to 8 cents.
According to the latest NASS Crop Progress report released this week, 96% of the U.S. spring wheat crop had been harvested by Sunday, aligning with the average pace. In contrast, the winter wheat crop is lagging, with planting at 17% complete—4 percentage points behind the five-year average; emergence is currently at 2%. Additionally, the Buenos Aires Grain Exchange projects Argentina’s 2026/27 wheat crop at 23.4 million metric tons, down from 27.8 million metric tons the previous year. EU wheat exports from July 1 to September 20 are estimated by the European Commission to be at 6.3 million metric tons, slightly ahead of last year’s 6.19 million metric tons.
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