Key takeaways:

Wheat futures fell across major hubs with SRW, HRW, HRS in the US and French milling wheat on Euronext all lower.

Black Sea and European wheat offers were steady to slightly softer with Russian 12.5% FOB stable and Constanta 12.5% indicated around $238-240 per tonne.

Harvest progress diverged with Russia’s output rising to 87.19 million tonnes while US HRS and northern durum harvest slowed by weather but neared completion.

US wheat futures: SRW, HRW, HRS moves

By 1pm US Eastern time, the Chicago soft red winter (SRW) December futures contract on the Chicago Board of Trade had decreased by 8 cents per bushel to $5.19 per bu. And the March contract had declined by 7 cents per bu to $5.37 per bu.

The Kansas hard red winter (HRW) December futures contract fell by 7 cents per bu to $5.05 per bu. The December contract dropped by 8 cents per bu to $5.25 per bu.

The Minneapolis hard red spring (HRS) December futures contract slipped by 5 cents per bu to $5.68 per bu. This was with the March futures contract falling by 5 cents per bu to $5.88 per bu.

European wheat prices: Euronext and French milling contracts

The December French milling wheat contract on Euronext decreased by €1.50 per tonne to settle at €189.25 ($221.29) per tonne at 6:30pm Central European time. The March contract fell by €1.00 per tonne to €196.50 per tonne.

Asia-Pacific wheat markets and Australian offers

In Australia, discussions were limited with an ongoing holiday in Melbourne. Selling ideas for January-shipment Australian Premium White (APW) wheat were heard at $258 per tonne FOB Western Australia (WA). Australian Standard White (ASW) wheat was offered at $248 per tonne FOB WA.

Offers for January APW across ports in Australia ranged between $250-258 per tonne FOB. The spread was attributed to shipping slot availability and as farmer selling remains slow.

Philippines buyers were also in market, with a tender issued for second-half January shipment though results were unavailable at time of writing.

Black Sea wheat trade: Russia, Ukraine and Egypt demand

In the Black Sea, selling ideas for Russian 12.5% wheat were stable at $231-235 per tonne FOB Novorossiysk-Taman-Tuapse (NTT) for loading in October-November. On the buying side, ideas were heard rising to $227-229 per tonne range on an FOB NTT basis.

On a CIF Egypt basis, 12.5% wheat offers were at $255 per tonne for October-November loading. And at $251-253 per tonne CIF Iskenderun for loading in the same months. Some bids on a CIF Marmara basis were heard at $247-248 per tonne for loading in October-November.

In Ukraine, offers for 11.5% wheat were heard at $229-232 per tonne on an FOB Pivdennyi-Odesa-Chornomorsk (POC) basis for October-November loading dates. Bids were at $225 per tonne FOB POC.

On a delivered basis, buying ideas into Bangladesh were reported at $272-273 per tonne CIF for October.

Some November-loading offers into Algeria appeared at $262 per tonne on a CIF basis.

Offers for feed wheat were at $220 per tonne FOB POC, along with bid ideas at $212 per tonne FOB POC for October loading.

European wheat harvest and production overview

In Russia, wheat was harvested from 25.03 million hectares as of Wednesday September 24. This was equivalent to 88.4% of the 28.31 million ha planted, up from 80.8% a week earlier, an increase of 7.6 percentage points, according to data from the Ministry of Agriculture.

The harvested area was down by 589,000 ha, or 2.3%, from the 25.62 million ha achieved by the same point in 2024.

Russian output nevertheless reached 87.19 million tonnes, up from 79.48 million tonnes in 2024, an increase of 7.71 million tonnes, or 9.7%.

European wheat pricing and regional offers

In the EU Black Sea, FOB Constanta 12.5% wheat was offered at $238-240 per tonne for November loading. October-loading cargoes were indicated around $238 per tonne on the same basis.

Offers for 11.5% wheat on an FOB Constanta-Varna-Burgas (CVB) basis for November loading were indicated around $235-236 per tonne. January 2026 loading dates were indicated at a premium of €4 per tonne premium to the March 2026 Euronext wheat contract.

In Europe, French 11% protein wheat was offered at a premium of €6-7 per tonne to the December Euronext wheat contract for November loading dates.

Demand was heard into Morocco, but no trades were reported.

Polish and Baltic FOB 12.5% wheat cargoes for November loading were reported offered at €8-9 per tonne above the December Euronext wheat contract.

The German 12.5% FOB wheat APM for November loading was assessed at €9 per tonne above the December Euronext contract. No indications were received to disprove the previous assessment. No data was excluded.

US wheat harvest progress and premiums

Shorter days and recent rain have slowed the harvest of US hard red spring (HRS) and northern durum wheat. This was according to the weekly harvest report from the US Wheat Associates (USWA) released on Friday.

Despite delays, farmers are finishing the HRS harvest with 94% of fields harvested in North Dakota and 96% in Montana on Monday September 22. This is according to USDA data quoted by USWA.

The northern durum harvest was 100% complete in Montana on Monday. 86% of the North Dakota crop has been reaped. This is according to USDA data quoted by USWA.

The 11% FOB US Gulf HRW premiums were unchanged. October was at 90 cents bu over the December Kansas HRW futures contract. November was at $1.10 per bu above the same underlying contract.

The 10.5% FOB US Gulf SRW front-month premiums were steady. This was with October at 90 cents per bu over December Chicago SRW futures. And November at $1.10 per bu over the same underlying contract.

The 10% FOB Pacific Northwest soft white wheat market edged lower. October was down by $2 per tonne to $232 per tonne. November dropped by $2 per tonne to $230 per tonne.

Canada western red spring 13.5% FOB Vancouver front-month premiums were steady, with October at $1.25 per bu over the December CBOT futures contract. November stood at $1.15 per bu over the same underlying contract.

Canadian durum prices were unchanged, with 14.5% wheat FOB Vancouver cargoes at $260 per tonne and FOB St Lawrence cargoes at $270 per tonne.

Argentina wheat market updates

In Argentina, October offers were unchanged at $227 per tonne. Bids increased by $7 per tonne to $225 per tonne. December new crop offers climbed by $5 per tonne to $218 per tonne. Bids rose by $2 per tonne to $212 per tonne.

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