Wheat Futures Trade Mixed as Russian Crop Estimates Fall and US Reports Are Delayed

U.S. wheat futures delivered mixed results on Monday, with Chicago Soft Red Winter contracts posting modest gains while Kansas City Hard Red Winter futures closed lower. December Chicago Board of Trade wheat rose 1 1/4 cents to settle at $6.72 1/4 per bushel. In contrast, December Kansas City wheat declined 4 cents to $7.15 1/4 per bushel, and Minneapolis spring wheat traded flat to slightly lower across deferred contracts.

Trading activity reflected shifting international supply estimates and fresh import demand. Russia's 2026 wheat crop projection was reduced by 2 million metric tons to 88 million metric tons, tightening expectations for the top exporting nation. Offsetting part of that decline, Ukraine's production estimate was revised higher by 0.5 million metric tons to 25.5 million metric tons. Meanwhile, Algeria initiated a tender to purchase wheat, signaling active global buying interest.

Market participants are awaiting key official grain data after government offices were closed on Monday for the Columbus Day holiday. The government will release its weekly Export Inspections and Crop Progress reports on Tuesday. Traders will monitor these delayed publications along with the results of Algeria's import tender for further directional signals.