Wheat Rallying Back on Thursday

Group 1 - The wheat complex is experiencing a rally, with hard red contracts pushing higher and Chicago SRW futures up by 2 to 3 cents, KC HRW futures up by 9 to 10 cents, and MPLS spring wheat up by 8 to 9.5 cents [1] - Export sales data for the week ending November 27 showed wheat sales of 460,655 MT, which is a 27.4% increase from the previous week and 21.8% larger than the same week last year [2] - Managed money reduced their net short position in CBT wheat by 9,905 contracts, resulting in a net short of 43,841 contracts, while in KC wheat, the net short was trimmed by 4,153 contracts to 17,911 contracts [3] Group 2 - Expana estimates the EU soft wheat crop for 2026/27 at 128.3 MMT, a decrease of 8.5 MMT from the previous year, while SovEcon estimates the Russian wheat crop for 2026 at 83.8 MMT, unchanged from the previous forecast but down 5 MMT from the prior year [4] - Current wheat prices include March 26 CBOT Wheat at $5.08 1/2 (up 2 1/4 cents), May 26 CBOT Wheat at $5.19 1/2 (up 2 1/4 cents), March 26 KCBT Wheat at $5.17 1/2 (up 9 3/4 cents), and May 26 KCBT Wheat at $5.29 1/2 (up 9 1/4 cents) [4]