Wheat prices saw significant gains on September 26, with contracts rising between 11 to 19 cents across various markets. Chicago SRW contracts increased by 4 to 5 cents, while KC HRW futures were up 9 to 10.5 cents, and MPLS spring wheat led the rise with gains of 11 to 12 cents. Open interest also indicated new buying interest, with a total increase of 3,749 contracts in Chicago and 11,090 contracts in Kansas City.
The National Agricultural Statistics Service (NASS) reported that 74% of the U.S. winter wheat crop had been harvested as of Sunday, which is 3% ahead of the normal pace. Meanwhile, 86% of the spring wheat crop is headed, also 1% ahead of the five-year average. The Brugler500 index showed a decline in spring wheat conditions, dropping to 345, impacted by weaker ratings in major states except Washington.
In global wheat production, Sovecon adjusted its estimate for the Russian wheat crop to 88.3 million metric tons, a decrease of 0.6 million metric tons due to lower acreage. The closing prices on the same day were $6.78 for September CBOT wheat, $7.33 for September KCBT, and $7.04 for September MIAX wheat.
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