Wheat futures at the Chicago Board of Trade opened higher on Wednesday morning, regaining ground after the contracts fell to a six-week low in the prior session. Traders were seen repositioning ahead of government data expected later in the day.
Market moves
In early trading, CBOT wheat futures climbed between 3 and 6 cents per bushel. December soft red winter wheat rose 5-3/4 cents to trade at $6.98-1/2 per bushel. December hard red winter wheat on the Kansas City board gained 7-1/4 cents, reaching $7.50-1/4 per bushel. Minneapolis December spring wheat increased by 5-3/4 cents to $7.05 per bushel.
Trading on the Chicago Board of Trade resumed at 8:30 a.m. CDT.
Data and analyst expectations
The U.S. Department of Agriculture is scheduled to publish its quarterly grain stocks and annual small grains reports at 11:00 a.m. CDT. Analysts surveyed by Reuters anticipate the USDA will lower its estimate for the 2026 U.S. wheat harvest to 1.524 billion bushels from the prior forecast of 1.531 billion bushels.
International supply developments
Outside the United States, grain consultancy SovEcon trimmed its projection for Russia's 2026/27 grain exports to 44.7 million metric tons from 49.4 million tons. SovEcon cited disruptions to exports from Russia's southern ports as the rationale for the downward revision.
In addition, a state agency in Pakistan purchased roughly 180,000 metric tons of wheat through an international tender that closed this week, according to European traders.
Context for market participants
As the market awaited the USDA reports, participants adjusted positions across the major U.S. wheat delivery points, with modest upward price pressure observed in soft red, hard red and spring wheat contracts. The combination of expected domestic supply revisions and changes to international export forecasts contributed to the trading tone.