The wheat complex faced pressure across the three markets heading into the weekend. Chicago SRW contracts saw 8 ¼ to 16 ¼ cent losses across the board, with December slipping 6 ½ cents on the week. KC HRW futures saw weakness, with contracts 10 to 20 ¼ cents lower, as December was down 8 ¾ cents since last Friday. MPLS spring wheat was under pressure, with contracts 12 ½ to 20 ¼ cents in the red and December steady for the week.

As expected this month, USDA left the US production estimate alone, as they wait for the Small Grains Summary on September 30. The rest of the US balance sheet was left unchanged, as US carryout was steady at 717 mbu. 

On the world side, stocks are seen were raised by 3.04 MMT to 276.29 MMT. That same as Russian and Ukrainian exports were cut by a combined 4 MMT, as Australia output was up 3 MMT and Canada was up 1 MMT.

Export Sales data was delayed to this morning due to the Monday holiday. The report showed 2026/27 wheat sales of just 194,233 MT, which was short of trade estimates of between 250,000 and 500,000 MT in the week ending on September 3. That was down 37.64% from last year and 36.39% below the same week last year. 

Weekly CFTC data showed managed money cutting back 10,392 contracts from their fresh net long in Chicago wheat futures and options to 4,262 contracts as of September 3. Specs in KC wheat added 964 contracts to their net long to 51,248 contracts on Tuesday. 

Sep 26 CBOT Wheat  closed at $7.07, down 16 1/4 cents,

Dec 26 CBOT Wheat  closed at $7.25 1/4, down 16 cents,

Sep 26 KCBT Wheat  closed at $7.84, down 7 3/4 cents,

Dec 26 KCBT Wheat  closed at $7.98 1/2, down 20 1/4 cents,

Sep 26 MIAX Wheat  closed at $7.30 1/4, up 3 1/4 cents,

Dec 26 MIAX Wheat  closed at $7.45, down 17 1/2 cents,