The wheat complex saw a significant rally on September 26, 2023, with Kansas City (KC) hard red winter wheat futures achieving their highest spot level since August 2023, rising by 21 to 30.5 cents. Chicago soft red winter wheat (SRW) contracts also reached their highest level since 2024, with increases of 21 to 27.75 cents. Minneapolis spring wheat noted gains between 16 and 24.75 cents. Overall, September 26 CBOT Wheat closed at $7.05.75, up 27.75 cents, while December 26 closed at $7.22.75, up 26.75 cents.
Export sales data from the USDA’s Foreign Agricultural Service will be released on Thursday, with analysts predicting net sales for the 2026/27 season to range between 200,000 and 550,000 metric tons. Meanwhile, a recent annual spring wheat tour indicated a day 1 yield for southern North Dakota at 45.9 bushels per acre, down 3.9 from the previous year. In other developments, Russia has halted shipments from the major export center in Novorossiysk during nighttime hours following drone strikes from Ukraine.
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