"Prices recovered to close $.03-$.07 higher across the 3 classes. CGO Dec-26 was up $.07 at $6.82 ¾ after trading down to a 7-week low. Dec-26 KC was $.04 ½ higher at $7.37 ½ after holding support above its 100-day MA at $7.28 ½. Dec-26 MIAX was $.03 ½ higher at $6.96 ¾ while holding within yesterday’s range. U.S. winter wheat acre abandonment at 33% was the highest since the Dust Bowl a century ago. Yesterday SovEcon cut Russia’s wheat export forecast another 4.7 mmt to 36.7 mmt, well below the USDA forecast of 43 mmt. Ukraine’s wheat exports in Sept-26 at 1.1 mmt were down from 2.05 YA. July-26 thru Sept-26 shipments at 2.8 mmt are down 41% YOY. Saudi Arabia tendered for 535k mt of wheat with offers due tomorrow, with results expected on Monday. U.S. sales at 11 mil. bu. was in line with expectations. YTD commitments are down 31% from YA vs. the USDA forecast of down 15%," stated Mark Soderberg with ADM Investor Services.
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