The Chicago SRW wheat futures dropped by 9 to 11 3/4 cents, while KC HRW futures fell by 6 to 7 cents at midday on Tuesday. MPLS spring wheat showed a decrease of 2 to 3 cents across the front months. The latest 7-day forecast from NOAA indicates a dry pattern for much of the Southern Plains, with SRW regions expected to receive up to an inch of precipitation.
As of November 25, spec funds in CBT wheat futures and options raised their net short positions by 5,055 contracts, totaling 53,746 contracts, while KC wheat saw an increase of 2,125 contracts to a net short of 22,064 contracts. The French farm ministry estimates the 2026 soft wheat acreage at 4.56 million hectares (approximately 11.25 million acres), a slight increase from last year, while EU soft wheat exports are currently lagging by 0.3 million metric tons compared to last year.
Current prices reflect these trends, with Mar 26 CBOT Wheat priced at $5.09 (down 11 3/4 cents), May 26 CBOT Wheat at $5.19 1/2 (down 9 1/2 cents), and Mar 26 MGEX Wheat at $5.65 3/4 (down 3 cents).
