Wheat futures traded lower at the Chicago Board of Trade on Wednesday morning as technical selling took hold amid softer crude oil prices. Market participants pared positions early in the session, leaving the contract for December soft red winter wheat slightly lower while other contracts showed mixed moves.
Price moves
December soft red winter wheat on the CBOT (CBOT:WZ26) slipped 1-1/2 cents to settle at $7.27 per bushel. Kansas City December hard red winter wheat (KCBT:KWZ26) fell 1-1/4 cents to $7.95 per bushel. By contrast, Minneapolis December spring wheat (MGEX:MWEZ26) gained 2-1/2 cents, trading at $7.51 per bushel.
Market drivers
The initial downward momentum was attributed to technical selling that followed weakness in crude oil. That dynamic prompted some traders to reduce exposure to the grains market early in the day. Despite the easing, sellers faced countervailing concerns that kept losses in check.
Notably, the market remained sensitive to possible disruptions to Black Sea grain shipments, a factor that supported prices despite the broader technical downward pressure. In addition, worries about lower crop production across major growing regions globally provided a floor under futures.
Canadian production outlook
Adding to supply-side concern, Statistics Canada released a survey on Wednesday indicating that wheat production in Canada is projected to fall by 10.9% to 36.1 million metric tons in 2026 compared with 2025. The survey's findings were compiled in part using satellite observations and agroclimatic data.
Trading logistics
Trading activity at the Chicago Board of Trade resumed at 8:30 a.m. CDT. Prior to the session, wheat futures were expected to open 1 to 3 cents lower per bushel.
This report summarizes price moves and near-term drivers affecting U.S. wheat futures based on market activity and official survey data released during the session.