Wheat Futures Trade Lower as Columbus Day Holiday Delays Government Reports

U.S. wheat futures drifted lower to steady at midday on Monday, extending losses after a soft finish to the prior week. Kansas City hard red winter wheat futures led the declines, falling nearly 5 cents, while Chicago soft red winter wheat traded flat to slightly lower and Minneapolis spring wheat experienced minor losses.

Market volume remained light as federal government offices were closed for the Columbus Day holiday, pushing the release of weekly export inspections and crop progress data to Tuesday. Investors continue to process Friday's monthly supply and demand report, which projected U.S. wheat ending stocks to rise by 23 million bushels to 740 million bushels. The stock build was driven by higher overall production and a 25 million bushel reduction in export expectations.

Overseas developments and technical positioning are also influencing prices. Speculative funds expanded their net short position in Chicago wheat futures during the week ending October 6, while reducing net long positions in Kansas City wheat. Traders are now monitoring an active import tender from Algeria due Tuesday, alongside shifting international production forecasts that include lower Russian harvest projections and higher output estimates for Ukraine.