Wheat Faces Pressure on Friday

The wheat complex saw weakness across the three exchanges heading into the weekend. Chicago SRW were 6 to 13 cents lower across the board, as December was 11 cents lower from last Friday. KC HRW futures was down 2 ¼ to 10 ¾ cents on the session, with December 14 ¾ cents lower over the course of the week. MPLS spring wheat was 4 ¼ to 11 ¼ cents in the red with December down just 3 ¾ cents for the week.

Spec funds in Chicago wheat futures and options were flipping back to a net short as of September 15, a move of 8,968 contracts to a net short of 4,706 contracts. Managed money in KC wheat was trimming 5,490 contracts from their net long to 45,758 contracts.

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Money was coming off the table into the weekend. Exports out of the Black Sea are still limited from Russian and Ukraine despite recent calls for deescalation.

Export Sales data from this Thursday took the 2026/27 wheat sales to 9.178 MMT, which is now down 30% from the same week last year. That is 44% of the USDA export projection and lags the 53% average pace.