The wheat complex is experiencing significant midday gains, with Chicago SRW contracts increasing by 16 to 18¼ cents, and KC HRW futures rising by 22 to 23 cents across front months. MPLS spring wheat futures are up 13 to 14 cents. As of September 26, CBOT Wheat values stand at $6.48½, a rise of 18¼ cents, while KCBT Wheat is at $7.22¼, up 23 cents.
Overnight developments include Ukrainian drone strikes on Russia’s Novorossiysk port, halting operations at the country’s largest port. In retaliation, Russia struck a vessel in Ukraine’s Odesa port.
The USDA’s NASS Crop Production report indicates a wheat output forecast of 1.531 billion bushels (bbu) for 2026, which is a decrease of 5 million bushels (mbu) from July. Winter wheat remains steady at 990 mbu, while HRW is at 463 mbu (down 8 mbu) and SRW remains unchanged at 287 mbu. Ending stocks for 2026/27 are projected at 717 mbu, down 5 mbu from the previous estimate.
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