SMAC Markets

Daily Wheat Report

CBOT SRW Dec
703-2
-3-6 (-0.53%)
KC HRW Dec
762-0
-5-0 (-0.65%)
MIAX Spring Dec
713.5
-6.75 (-0.94%)
Matif Dec
236.75
-0.75 (-0.32%)
ASX Jan
354.00
-4.5 (-1.26%)

The Market in 20 Seconds

Key Driver
UN truce chatter and no Trump-Xi tariff cuts
Watch
USDA Small Grains Summary Wednesday
Sam's Take

The board sold off through the week on diplomatic chatter from the UN, in front of the cameras and behind closed doors, and no concrete tariff cuts out of the Trump-Xi meeting - a bearish week for grain that still only cost CBOT wheat 11c. The report showing 53 MMT of capacity in Russia without damage shows a truce is a light switch for 80% of that trade although every recent proposal submitted on a grain or energy truce has been stonewalled by Russia. The upheaval in seasonal grain flows from the Black Sea closure is now being met by fear of a quick return to normal if a deal lands. Wednesday's Small Grains Summary is the next US number.

Physical Wheat Prices

as of Tuesday 15 September
OriginGrade FOB ($/mt) DestFreightCFRCFR W/W
Romania/Bulgaria11.5% $280 Indonesia$65$345+20
AustraliaAPW1 (VIC/SA) $308 Indonesia$32$340+8
USASWW (PNW) $271 Indonesia$45$316-23
Argentina11.5% $258 Indonesia—$325—

Market Commentary

Wheat Sets a Five-Week Low

Futures

Futures. Wheat closed lower Friday and lower on the week across the three exchanges. CBOT SRW Dec settled 703-2, -3-6 (-0.53%), down 11c on the week. KC HRW Dec 762-0, -5-0 (-0.65%), down 21¾c. MIAX Spring Wheat Dec 713-4, -6-6 (-0.94%), down 27¾c. Matif Dec 236.75, -0.75 (-0.32%). Corn and beans sagged early after the Trump-Xi summit produced no concrete purchase announcements.

Black Sea

Black Sea. Zelenskiy says India, Turkey, Egypt and other Middle East importers are in talks on unblocking Black Sea shipping. Interfax says Turkey has sent proposals to Moscow but there are no substantive negotiations, and the Kremlin says it is rerouting exports in the meantime. A Reuters analysis of Russia's nine major terminals found about 53 MMT of 67 MMT capacity is idle on security risk rather than damage and could restart quickly on a ceasefire. Three terminals carrying roughly 20% are out for months - NKHP at Novorossiysk (7.1 MMT, up to six months), ZTKT at Taman and Taganrog.

Managed Money

Managed Money. As of September 22, funds added 8,438 contracts to their CBOT SRW net short, now 13,144 contracts. In KC they trimmed 4,015 from the net long to 41,743 contracts.

US Crop

US Crop. The GEFS ensemble has 35-65mm across the HRW belt this week (Sep 28-Oct 5), Texas Panhandle through Kansas into Nebraska, before the Plains dry out in days 8-14. That leaves the belt at 200-400% of normal over the fortnight. Planting slows, but this is the moisture the HRW belt has been waiting on since spring.

Hormuz/Energy

Hormuz/Energy. Trump rejected Iran's Hormuz proposal on Saturday, saying Tehran wants a deal because it is "losing so badly," but expects more talks this week. Waltz says the plan asked for sanctions relief and frozen assets up front. Araqchi says reopening stays contingent on Iran's conditions, and Iran's army chief warned that if Iran cannot trade, no one will. Brent rebounded 1.7% to $106.14 Monday morning. Trump is "very seriously" looking at a diesel export ban with US retail diesel at a record $6.50 a gallon and exports near 2 million barrels a day.

Australia

Australia. PIRSA lifted its SA crop 1.8 MMT to 11.6 MMT, second only to 2022-23 and 32% above the five-year average - wheat 6.38 MMT from 5.25, barley 2.63 MMT and lentils a record 1.12 MMT. The report flags El Niño as established and strengthening with a warmer, drier October-December, and diesel price concerns as the crop nears harvest. The WA wheatbelt took 25-50mm last week and BOM's eight-day outlook (Sep 28-Oct 5) has 15-25mm through central and northern NSW and 5-15mm for SA and Vic.

Tender Tracker

DateBuyerStatusQty PriceShipment Result / Origin
Sep 22 ▶Jordan (MIT) NEW Awarded60kt $332 CFR AqabaFH November Buildcom (Bulgaria) · Optional origin milling wheat

Jordan's MIT bought 60,000 MT of optional-origin milling wheat from Bulgarian trader Buildcom at $332/MT CFR Aqaba, shipment first half of November 2026.

Four companies, two envelopes. Other offers: CHS $335.88, Olam $339.00, Cargill $342.93/MT CFR.

Context: Jordan cancelled on September 1 with offers at $340-350 CIF; $332 is $8-18 under those and $13 over the $318.95 CHS sale of August 18. Bulgarian origin at $332 CFR Aqaba sits between Algeria's $319-321 (Sep 15) and TCP's $348.83 CFR Karachi (Sep 19) once freight is allowed for - the Black Sea/Danube premium is holding at the physical level while Chicago has fallen 18c since the TCP award.

Sep 22 ▶Pakistan (TCP) Open185kt (min 60kt lots, +/-10%) Offers pendingCFR Karachi / Gwadar - dates TBC — · Milling wheat, optional origin (ex Israel/India), CFR Karachi or Gwadar

TCP has issued a follow-up tender for 185,000 MT of wheat, CFR Karachi or Gwadar, in minimum lots of 60,000 MT +/-10%, three days after buying 365,000 MT at $348.83 c&f.

This is the second tranche of the 750,000 MT program; 185kt plus the 365kt already bought leaves roughly 200kt still to be covered. Closing date, delivery window and origin restrictions to be confirmed - traders had expected the balance of 385kt in one go.

Watch the lowest offer against $348.83: a print at or above it with the board 12c higher says the nearby premium is holding; a print under $340 says the first round was paid up for.

Sep 19 ▶Pakistan (TCP) Awarded365kt of 750kt sought $348.83 CFR (all lots matched to lowest)Arrival by Nov 20 LDC, Bunge, Agrocorp, Aston (50kt each); Falconbridge, CHS, Ameropa (55kt each) · Optional origin ex Israel/India

TCP bought 365,000 MT of the 750,000 MT sought, all at $348.83/MT c&f after asking bidders to match the lowest offer (Agrocorp's). Seven lots: 50,000 MT each from Louis Dreyfus, Bunge, Agrocorp and Aston; 55,000 MT each from Falconbridge, CHS and Ameropa. Olam's $369.95 not taken.

A new tender is expected within days for the remaining 385,000 MT. Shipment in 50,000 MT consignments to arrive Karachi/Gwadar by November 20 at the latest.

Optional origin excluding Israel and India; offers cited Russia, Ukraine, Bulgaria, Romania, Canada, Argentina, Brazil, the US, Latvia and Germany. Pakistan is believed to have a substantial requirement after a disappointing domestic harvest.

Context: $348.83 is ~$29 above Algeria's $319-321 c&f four days earlier - the nearby premium with seaborne Black Sea exports at a virtual stop. Half the program booked; the other half comes back to a market that has since fallen ~15c in Chicago.

Sep 15 ▶Algeria OAIC Awarded~500kt (500-510kt, possibly more) $319-321 CFRNov 1-15 / Nov 16-30 Optional origin - Romania/Bulgaria expected, some north EU/Baltic possible · Soft milling wheat

OAIC bought about 500,000 MT of soft milling wheat in the tender that closed September 15, European traders said. Initial purchase estimates 500,000-510,000 MT, some higher; further volume and price estimates possible.

Prices initially reported at $319-321/MT c&f. That is roughly $30/MT above the August 5 tender, when Algeria took up to 720,000 MT at $289-290/MT c&f.

Optional origin: Romanian and Bulgarian wheat expected to be the focus, with north EU wheat including the Baltics also possible; talk of Russian wheat shipped via the Baltic. French wheat remains excluded on political grounds.

Shipment November 1-15 and November 16-30 from Europe and main origins; one month earlier if sourced from South America, India or Australia. Tender took place with seaborne Black Sea exports at a virtual stop.

Sep 10 ▶South Korean Milling Group Awarded100kt $273.78-335.98 FOB (US) / low $330s FOB (Can)Jan 1-31 (US) / Jan 15-Feb 15 (Can) U.S. (CJ Intl) + Canada (GrainCorp) · SW / HRW / DNS / CWRS

South Korean flour mills bought 100,000 MT of milling wheat via tender: 50,000 MT US and 50,000 MT Canadian, all FOB.

US portion, seller CJ International, shipment January 1-31, 2027: 23,000 MT SW 9.5-11% protein at $273.78/MT FOB; 14,385 MT HRW min 11.5% at $335.98/MT FOB; 12,615 MT NS/DNS min 14% at $335.52/MT FOB.

Canadian portion, seller GrainCorp: 50,000 MT CWRS in the low $330s/MT FOB, shipment January 15-February 15, 2027.

Compare August 6: HRW $319.25 and DNS $320.36 FOB - hard wheat FOB up ~$16/MT in five weeks. Trader estimates.

Sep 7 ▶Saudi Arabia (GFSA) Cancelled535kt — (offers rejected on price)— — · Hard wheat 12.5%, Red Sea ports only

GFSA cancelled its 535,000 MT hard wheat tender on September 7, calling the offers unsuitable on price.

The tender had specified Red Sea discharge ports only to avoid Hormuz transit risk.

Saudi has storage and can wait; contrast Pakistan, which has directed TCP to buy 750,000 MT of milling wheat for November delivery (tender expected within days, arrival Karachi/Gwadar by November 20).

Sep 1 ▶Jordan Cancelledup to 120kt $340–350 CIF (offers)Oct-Nov — · Milling wheat

Jordan's MIT cancelled its milling wheat tender again on September 1, having drawn only three offers — from Olam, CHS and Cargill.

Offers were reportedly $340–350/MT CIF Aqaba, roughly $25–30 above the $318.95 CHS sale Jordan accepted on August 18.

Next milling wheat tender expected September 15.

Aug 27 ▶Tunisia Awarded125kt $308.05 CIF— Bunge · Milling wheat

Tunisia booked 125,000 MT of milling wheat (5 x 25,000 MT) from Bunge at $308.05/MT CIF on August 27.

In the same round, Tunisia's OdC feed barley tender took 75,000 MT in three 25,000 MT lots: Bunge at $301.68 and $303.85/MT, Casillo at $299.69/MT CIF.

Tunisia's milling wheat price compares with Algeria's $289–290/t c&f booked on August 6 — a ~$18/t rise in three weeks as Black Sea alternatives reprice.

Aug 20 ▶Japan MAFF Awarded— $320 FOB— Australia · ASW

Japan's MAFF bought Australian Standard White (ASWJ) at $320/MT FOB on August 20.

Buyers accepted a higher premium against APW — the usual spread would be around $10 at this time of year.

In the same MAFF tender, Canadian wheat traded at an October basis of 120–125¢/bu over MWZ.

Aug 19 ▶Philippines SMC Awarded1 cargo $295 CFRSep (Oct 5 eta) U.S. · SWW

Philippines' San Miguel Corp bought a cargo of US SWW from CHS on Wednesday at $295/MT CFR Batangas + Bataan, September shipment for around October 5 arrival.

US SWW was reportedly competitive with multiple sellers offering at the tender — last heard above $261 FOB PNW for September.

SMC also booked ASEAN corn from a Vietnamese seller in the low $280s CFR for December arrival.

Aug 18 ▶Jordan Awarded~60kt $318.95 c&fOct 1-15 CHS · Milling wheat

Jordan bought around 60,000 MT of milling wheat on August 18 in a tender for up to 120,000 MT.

CHS sold at approximately $318.95/MT C&F. Other offers: Bunge $337.00, Cargill $339.80, Olam $324.50/MT C&F.

Shipment October 1–15. A new wheat tender follows on August 27 for Oct 1–15 or Oct 16–31 shipment.

Jordan's 120,000 MT barley tender closed August 19 with no purchase (participants: Ameropa, Bunge, CHS, COFCO, Olam); a new 120,000 MT barley tender is expected August 26 for October shipment.

Aug 14 ▶Taiwan Awarded~97.2kt $261-320 FOBOct 24-Nov 28 U.S. · DNS / HRW / SW

Taiwan Flour Millers bought around 97,200 MT of US milling wheat on August 14 in two consignments.

First vessel, 49,350 MT for Oct 24–Nov 7 shipment: 29,750 MT DNS 14.5% protein at $314.16/MT FOB, 12,650 MT HRW 12.5% at $317.09, and 6,950 MT soft white 8.5–10% at $260.88. Freight $49.28/MT.

Second vessel, 47,850 MT for Nov 26–28 shipment: 29,450 MT DNS 14.5% at $319.67/MT FOB, 11,650 MT HRW 12.5% at $319.09, and 6,750 MT soft white at $260.88. Freight $50.74/MT.

Trader estimates, subject to revision.

Aug 12 ▶Philippines Awarded~150kt $285–286 FOB / $309–310 CFROct-Dec Australia · Feed wheat

Three positions of Australian feed wheat sold on August 12, totalling around 150,000 MT, for shipment to the Philippines.

Shipments spread across October, November and December.

Prices around $285–286/MT FOB, equating to approximately $309–310/MT CFR Philippines.

Aug 7 ▶South Korea MFG Awarded~134kt ~$271.49 c&f~Dec 10–20 S. America/S. Africa · Feed corn

South Korean MFG bought around 134,000 MT of feed corn on August 7.

Origin: South America or South Africa. Two lots at approximately $271.49/MT C&F plus $1.50/MT surcharge for extra unloading.

Sellers were Cargill and ADM. Arrival estimated around December 10 and December 20.

Aug 7 ▶Tunisia Cancelled50kt $278.50 c&f (lowest)— — · Feed corn

Tunisia's 50,000 MT feed corn tender was cancelled on August 7.

Lowest offer was from Cargill at $278.50/MT C&F.

A new tender is expected to be issued next week.

Aug 6 ▶South Korean Milling Group Awarded36.8kt $261–320 FOBDec 20–Jan 20 U.S. · SWW / HRW / DNS

South Korean milling group bought 36,800 MT of U.S. milling wheat via tender on August 6.

Three lots: 13,000 MT SWW 9.5–11% protein at $261.35/MT FOB, 13,500 MT HRW min 11.5% protein at $319.25/MT FOB, and 10,300 MT DNS min 14% protein at $320.36/MT FOB.

Shipment: Dec 20, 2026 – Jan 20, 2027. Seller believed to be United Grain Corporation.

This purchase is additional to around 50,000 MT bought by another Korean milling group earlier this week.

Aug 6 ▶Algeria OAIC Awarded~720kt $289–290 c&fSep-Oct Rom/Bulg · Milling wheat

Algeria's state grains agency OAIC bought around 540,000–720,000 metric tons of milling wheat in an international tender which closed Wednesday.

Purchases were reported at around $289–$290/t c&f. The wheat can be sourced from optional origins but traders expected Romania and Bulgaria to be major suppliers.

Russian wheat was offered but not favoured despite cheap prices, apparently because of concern about the impact of recent attacks on Russian shipping and ports.

Shipment in three periods: Sep 15–30, Oct 1–15, Oct 16–31. If sourced from South America, India or Australia, shipment is one month earlier.

In its last soft wheat tender on June 17, Algeria bought over 800,000 tons at around $264–$265/t c&f.

Aug 4 ▶Jordan Cancelled— Not revealedSep-Oct — · Milling wheat

Jordan wheat tender on August 4 attracted only 2 participants: Bunge and Aston.

Tender was cancelled — envelopes were opened but prices were not revealed.

New wheat tender issued Tuesday August 11 for shipment: FH/LH September and/or FH/LH October 2026.

What's Ahead

Week of Sep 28 – Oct 2, 2026
Mon 28
USDA Export Inspections
US Crop Progress
Tue 29
—
Wed 30
USDA Small Grains Summary
Thu 1
US Weekly Export Sales
Fri 2
CFTC COT Positioning

Charts

CBOT SRW Wheat — Dec 2026 (ZWZ6)
Volume
Stoch RSI (14, 20)
From a technical standpoint, if the December CBOT chart gets close to 700 it starts getting back into buy territory.
KC HRW — Dec 2026 (KEZ6)
KC — Chicago Spread (KE vs ZW)
New Crop AUD Basis — ASX Jan vs CBOT Dec (A$/t)

Settlement Prices

ContractSettleChange% Change
Dec 26 (ZWZ26)703-2-3-6-0.53%
Mar 27 (ZWH27)718-2-3-2-0.45%
May 27 (ZWK27)725-0-3-2-0.45%
Jul 27 (ZWN27)725-4-3-4-0.48%
Sep 27 (ZWU27)730-6-3-4-0.48%
Dec 27 (ZWZ27)741-0-3-2-0.44%
ContractSettleChange% Change
Dec 26 (KEZ26)762-0-5-0-0.65%
Mar 27 (KEH27)774-0-5-4-0.71%
May 27 (KEK27)778-2-5-6-0.73%
Jul 27 (KEN27)774-4-5-0-0.64%
Sep 27 (KEU27)777-2-5-2-0.67%
Dec 27 (KEZ27)785-2-5-2-0.66%
ContractSettleChange% Change
Dec 26 (MWEZ26)713.5-6.75-0.94%
Mar 27 (MWEH27)733.75-7.5-1.01%
May 27 (MWEK27)746.5-7.0-0.93%
Jul 27 (MWEN27)749.5-7.75-1.02%
Sep 27 (MWEU27)741.25-7.75-1.03%
Dec 27 (MWEZ27)742.75-8.75-1.16%
SpreadOpenHighLowCloseVolume

International Markets — Matif & ASX

Matif Milling Wheat (Paris)
ContractSettle (€/t)Change% Change
MLZ26 — Dec 26236.75-0.75-0.32%
MLH27 — Mar 27240.75-1.25-0.52%
MLK27 — May 27241.75-1.25-0.51%
MLU27 — Sep 27234.00-0.75-0.32%
MLZ27 — Dec 27238.00-0.50-0.21%

€/t  |  Euronext Paris

ASX Wheat (Sydney)
ContractSettle (AUD/t)Change% Change
X9F27 — Jan 27354.00-4.50-1.26%
X9H27 — Mar 27358.00-4.50-1.24%
X9K27 — May 27363.00-4.50-1.22%

AUD/t  |  ASX  |  Front months not yet trading

Managed Money (Funds) — Net Positions

CFTC Disaggregated COT · Options & Futures Combined · As of September 22, 2026

Contract Long Short Net Position Chg (wk)
Wheat SRW (CBOT) OI 595,400 85,982 99,126 -13,144 -8,438
Wheat HRW (CBOT) OI 346,013 77,023 35,280 +41,743 -4,015
Wheat (MIAX) OI 81,944 24,562 3,165 +21,397 -823
Soybeans (CBOT) OI 1,428,898 297,830 32,789 +265,041 +20,331
Corn (CBOT) OI 2,675,976 477,679 63,242 +414,437 -12,405