The wheat complex gave back some of the Tuesday gains, with contracts falling lower across the three markets. CBT soft red wheat futures posted 5 to 6 cent losses. KC HRW futures fell back 7 to 8 cents. MPLS spring wheat futures were down 2 to 3 cents in the nearbys.

The weekly Export Sales report will be published on Thursday morning, as analysts are looking for between 300,000 MT and 650,000 MT in the week of 9/11.

A South Korean mill importer tendered to purchase 30,000 MT of US wheat, due on Thursday. French wheat ending stocks are estimated at 3.64 MMT according to FranceAgriMer, a 0.23 MMT drop from last month’s estimate. They also estimate exports outside of the EU at 7.85 MMT, up 0.35 MMT from the previous number. 

Canadian wheat production according to Statistics Canada was estimated at 36.62 MMT, a 1.9% increase vs. last year and above the 35.55 MMT projected in August. Spring wheat output is seen up 0.3% vs. 2024 at 26.608 MMT, which is also 0.6 MMT above August.

Dec 25 CBOT Wheat  closed at $5.28 1/4, down 5 3/4 cents,

Mar 26 CBOT Wheat  closed at $5.46 1/4, down 5 1/2 cents,

Dec 25 KCBT Wheat  closed at $5.16 1/4, down 7 1/4 cents,

Mar 26 KCBT Wheat  closed at $5.37 1/4, down 7 cents,

Dec 25 MGEX Wheat  closed at $5.74, down 2 1/2 cents,

Mar 26 MGEX Wheat  closed at $5.95 1/2, down 2 1/4 cents,