Wheat prices are experiencing significant gains, with Chicago SRW contracts rising by 13 ¾ to 22 ½ cents, closing at $6.52 3/4. Kansas City HRW futures gained 14 ½ to 21 ¾ cents, while MPLS spring wheat increased by 13 to 15 1/4 cents. This movement coincided with a decrease in open interest by 18,911 contracts.
On Wednesday, Ukraine’s drone strikes on Russia’s Novorossiysk port suspended operations at the country’s largest port, prompting Russia to retaliate with a missile strike on a vessel in Ukraine’s Odesa port.
The NASS Crop Production report indicated a total wheat output of 1.531 billion bushels for 2026, a decrease of 5 million bushels from July. Ending stocks for 2026/27 are projected at 717 million bushels, down by 5 million due to production cuts. World ending stocks have been revised to 273.25 million metric tons, influenced by adjustments in Canadian and Ukrainian estimates.
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