Winter wheat prices struggled to hold their gains from last week’s rally to three-month highs. Aside from expectations of higher wheat ending stocks in Friday’s WASDE report, global wheat values have been weighing on U.S. prices. 

Chicago wheat futures are off to a stronger start this week following last week’s moderate losses. The March contract traded 1.25 cents higher on Wednesday, closing right at the $5.53 resistance level. An upside breakout in corn and soybeans could encourage wheat to punch back above resistance. 

U.S. winter wheat areas are expected to receive better chances of rain next week, according to Eric Snodgrass with Nutrien Ag Solutions. The Southwest and Plains have been very dry over the past two to three weeks. 

Global wheat prices fell under pressure this week, according to Ukraine-based research firm UkrAgroConsult. U.S. prices remain above Russian and French competitors. Importers are expected to scoop up more wheat supplies this month due to lower prices. Interfax reported that Russia could export 5.3 million metric tons (MMT) in November, compared to 4.53 MMT a year ago. Total shipments for the marketing year remain below last year despite the improvement in recent months. 

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