The wheat complex is experiencing significant gains on Thursday, with Chicago SRW futures up 2 to 3 cents, Kansas City HRW futures up 9 to 10 cents, and MPLS spring wheat up 8 to 9.5 cents. This upward trend aligns with the recent Export Sales data, indicating wheat sales of 460,655 MT for the week ending November 27, which marked a 27.4% increase from the previous week and is 21.8% larger than the same week last year.
As of December 2, managed money has reduced their net short position in CBT wheat by 9,905 contracts, now standing at a net short of 43,841 contracts. In Kansas City wheat, the net short was trimmed by 4,153 contracts to 17,911 contracts. Furthermore, Expana forecasts the 2026/27 EU soft wheat crop at 128.3 MMT, a decrease of 8.5 MMT from last year, while SovEcon estimates the Russian wheat crop at 83.8 MMT, unchanged from previous predictions but down 5 MMT year-over-year.
