The wheat complex bulls are finally finding their footing on Thursday. CBT soft red wheat futures are trading 7 to 8 cents higher so far today. KC HRW futures have gained 10 to 11 cents by midday Thursday, while MPLS spring wheat futures are up 6 to 8 cents across the board.
The USDA did not release their weekly Export Sales report on Thursday due to the ongoing government shutdown. However, traders are anticipating wheat sales between 350,000 and 650,000 metric tons for the week ending October 16.
The International Grains Council has raised its forecast for 2025/26 world wheat production by 8 million metric tons to 827 million metric tons. Global wheat trade is expected to increase by 1 million metric tons, as is consumption. Ending stocks were revised upward by 5 million metric tons to 275 million metric tons, while old crop stocks were lowered by 3 million metric tons.
Current futures prices are as follows:
– December 2025 CBOT Wheat at $5.1175, up 8 cents
– March 2026 CBOT Wheat at $5.2725, up 7.75 cents
– December 2025 KCBT Wheat at $4.9950, up 11 cents
– March 2026 KCBT Wheat at $5.1725, up 10 cents
– December 2025 MGEX Wheat at $5.5525, up 7.5 cents
– March 2026 MGEX Wheat at $5.7375, up 6 cents
Stay informed with Barchart’s best-in-class commodity analysis, covering everything from crude oil to coffee. Sign up for free today and don’t miss a day of crucial market insights.
*Disclosure:* On the date of publication, Austin Schroeder did not hold (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data provided are for informational purposes only. For more details, please see the Barchart Disclosure Policy. The views and opinions expressed are those of the author and do not necessarily reflect the positions of Nasdaq, Inc.
https://www.nasdaq.com/articles/wheat-bulls-putting-it-rally-mode-midday
