Wheat futures slide to three-month low as export sales miss forecasts
Reuters reports K.C. wheat futures fell to their lowest since July 10 on weak export demand, with USDA sales data coming in below expectations.
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what happened
Cash prices for winter wheat held steady at Plains grain elevators on Thursday, Reuters reported, while protein premiums fell for some grades. Farmers held back sales.
The benchmark K.C. December contract (KWZ26) dropped 7-1/4 cents to $6.65-3/4 a bushel, its lowest level since July 10, amid soft export demand and technical selling.
USDA figures put net US wheat export sales at 239,600 metric tons for the period ending October 15, under the expected range. Drought eased across the Plains: severe drought in Oklahoma covered 71% of the state, down from nearly 80% a week earlier, while moderate drought in Kansas fell to 23% from 31%. Showers, some heavy, were forecast for parts of the Oklahoma Panhandle and southwestern Kansas.
why it matters
For grain traders, weak exports combined with improving weather point to ample supply, which weighs on futures. Weekly sales data gauges foreign buying interest, and another shortfall could deepen the slide. Weather-related planting delays remain a factor to watch.
market impact
Wheat: weak exports and easing drought pressure K.C. wheat futures lower.
tags
instruments
sources
- Basis flat as futures sink, weekend rains loom — Reuters, 22 October 2026 at 23:18 UTC
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