The wheat complex held losses across the three markets on Tuesday. CBT soft red wheat futures were down 5 to 6 cents. Preliminary open interest was down 10,535 contracts on Friday, suggesting some short covering.  KC HRW futures were 8 to 10 cents lower on the Tuesday session. There were another 262 deliveries issued against September KC wheat. MPLS spring wheat was 5 to 6 cents lower at the close. 

The weekly Crop Progress report indicated 72% of the spring wheat crop was harvested by Sunday, 1 percentage point above normal. Winter wheat harvest was removed this week, with the crop’s planting progress for the 2026 crop expected next week. 

Tuesday morning’s Export Inspections report showed a total of 802,780 MT (29.497 mbu) of wheat shipped in the week of 8/28. That was up 38.82% above the same week last year but 21.32% below the week prior. Mexico was the largest buyer of 155,283 MT, with 74,956 MT shipped to Japan and 67,024 MT to Vietnam. Marketing year shipments are now at 6.639 MMT (243.96 bbu), which is 14.54% above the same period last year.

ABARES estimates the Australia wheat production at 33.8 MMT for 2025/26, a 1% drop from last year. Russia’s wheat crop is estimated at 85.4 MMT according to Sovecon, with their export projection at 43.7 MMT, up from 43.3 MMT in their previous number.

Sep 25 CBOT Wheat  closed at $5.13, down 5 cents,

Dec 25 CBOT Wheat  closed at $5.28 1/4, down 6 cents,

Sep 25 KCBT Wheat  closed at $4.83 1/4, down 9 1/2 cents,

Dec 25 KCBT Wheat  closed at $5.11 1/4, down 8 1/2 cents,

Sep 25 MGEX Wheat  closed at $5.54 1/4, down 5 cents,

Dec 25 MGEX Wheat  closed at $5.74 1/4, down 5 3/4 cents,