The wheat complex is shrugging off the overnight weakness, with contracts posting midday gains. Chicago SRW futures are up 4 to 5 cents on the day. KC HRW contracts are 4 to 6 cents higher on the session. MPLS spring wheat is up 2 to 4 cents so far on the day.

The Monday afternoon Crop Progress report indicated 73% of the US winter wheat crop planted as of 10/20, 3 percentage points behind normal. Emergence was pegged at 46% vs. the 52% average pace.

A couple of Russian firms released initial estimates of the 2025 crop, with IKAR showing an expected range of 80 to 85 MMT and SovEcon coming in at 80.1 MMT. The European Commission showed soft wheat exports from the EU at 7.02 MMT in the period starting on July 1 through October 20, which is down from the 10.22 MMT last year.

Dec 24 CBOT Wheat  is at $5.77 1/4, up 5 cents,

Mar 25 CBOT Wheat  is at $5.96 3/4, up 4 1/2 cents,

Dec 24 KCBT Wheat  is at $5.87 1/2, up 5 1/4 cents,

Mar 25 KCBT Wheat  is at $6.01 1/2, up 4 1/2 cents,

Dec 24 MGEX Wheat  is at $6.17 3/4, up 3 3/4 cents,

Mar 25 MGEX Wheat  is at $6.38 3/4, up 2 3/4 cents,