Story
Wheat Futures Rise as Traders Await Key USDA Supply Reports
Summary
Chicago wheat futures rebounded from a six-week low on Wednesday, with prices climbing as the market anticipates the U.S. Department of Agriculture's latest data on grain stocks and production.
Chicago Board of Trade (CBOT) wheat futures advanced on Wednesday, rebounding from a six-week low as traders adjusted positions ahead of influential U.S. government reports on grain supplies and production.
Market Moves
Prices for wheat futures contracts climbed between 3 and 6 cents per bushel in early trading. The gains represent a recovery from the multi-week lows reached in the previous session.
- The benchmark December soft red winter wheat contract rose 5-3/4 cents to $6.98-1/2 per bushel.
- Kansas City December hard red winter wheat gained 7-1/4 cents to $7.50-1/4 per bushel.
- Minneapolis December spring wheat added 5-3/4 cents, reaching $7.05 per bushel.
Eyes on USDA Data
The market's primary focus is on the U.S. Department of Agriculture's (USDA) quarterly grain stocks and annual small grains reports, scheduled for release at 11 a.m. CDT. These reports are closely watched by investors as they provide a critical update on the U.S. supply situation.
AdAnalysts surveyed by Reuters anticipate the USDA will revise its estimate for the 2026 U.S. wheat harvest downward to 1.524 billion bushels from a prior forecast of 1.531 billion. A smaller-than-expected harvest figure could lend further support to prices.
Global Supply and Demand
International factors also contributed to the positive sentiment. Grain consultancy SovEcon reduced its forecast for Russia’s 2026/27 grain exports to 44.7 million metric tons from 49.4 million tons, citing disruptions at the country's southern ports.
On the demand side, European traders reported that a state agency in Pakistan purchased approximately 180,000 metric tons of wheat through an international tender that closed this week, signaling steady global import activity.
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