Wheat Falling to Kick Off Tuesday

Market Overview - Wheat prices are declining across all three markets, with Chicago leading the decrease on Tuesday morning [1] - The wheat complex experienced losses on Friday, with Chicago SRW futures down by 9 to 10 cents, while KC HRW futures fell by 10 to 12.5 cents [1] - Open interest in Chicago SRW futures decreased by 4,466 contracts, while KC HRW futures saw an increase of 1,544 contracts [1] Commitment of Traders - Speculative funds increased their net short position in CBT wheat futures and options by 3,900 contracts, bringing the total to 85,655 contracts [2] - In KC wheat, managed money added 10,652 contracts to their net short position, totaling 19,496 contracts [2] Export Data - USDA reported wheat export commitments at 22.467 million metric tons (MMT), reflecting a 16% increase from the previous year, which is 92% of USDA's export forecast [3] International Purchases and Crop Estimates - South Korean mills purchased 50,000 metric tons (MT) of US wheat and 40,000 MT of Canadian wheat [4] - FranceAgriMer estimates that 91% of the soft wheat crop in France is in good/excellent condition, with 87% of the durum crop also rated similarly [4] - Russia's wheat crop for 2026 is projected at 91 MMT, an increase of 3 MMT from previous estimates [4] Current Wheat Prices - As of March 26, 2026, CBOT Wheat closed at $5.48 3/4, down 3 3/4 cents, and is currently down 9 1/4 cents [4] - KCBT Wheat closed at $5.42 1/2, down 11 1/2 cents, and is currently down 5 1/4 cents [4] - MIAX Wheat closed at $5.72 3/4, down 5 3/4 cents, and is currently down 2 1/4 cents [4]