Wheat futures fell across all three markets on Tuesday, with spring wheat contracts posting the steepest declines. Chicago SRW futures were down 6 to 8 1/4 cents at midday, while KC HRW futures lost 10 to 12 cents, and MPLS spring wheat dropped 20 to 23 3/4 cents. USDA data showed the US winter wheat harvest at 40% complete, 16 percentage points ahead of the five-year average, though crop conditions slipped 1% to 26% good to excellent. Spring wheat conditions also declined 1% to 54% good to excellent, with deterioration noted in Washington, North Dakota, Idaho, and Minnesota. Commitment of Traders data revealed managed money reduced its net short in Chicago wheat by 9,786 contracts to 69,531, while speculators flipped to a net long of 7,620 contracts in KC wheat. Sovecon lowered its estimate for the 2026/27 Russian wheat crop by 1.4 million metric tons to 88.9 million metric tons.
KC HRW futures lost 10-12 cents, pressured by advancing harvest and declining crop conditions.
Wheat futures fell across all markets, with Chicago SRW down 6-8.25 cents, driven by faster harvest progress and deteriorating crop conditions.