**Wheat Wednesday: Speculators Keep Betting Against the Rally**

Wheat got hammered across all three major exchanges as the session approached midday Tuesday. CBOT SRW contracts dropped 9 to 11 3/4 cents, while Kansas City HRW futures bled 6 to 7 cents. Minneapolis spring wheat wasn't spared, sliding 2 to 3 cents on the front months.

The selling pressure came as weather forecasts pointed to a drier pattern moving into much of the Southern Plains over the coming week. NOAA's 7-day precipitation outlook still shows up to an inch possible in wheat-growing territory, creating mixed signals for the crop outlook.

**Fund Positioning Suggests Caution Ahead**

Behind the scenes, speculators continued adding to their bearish bets. Commodity Traders data revealed that large spec funds increased their net short position in CBOT wheat by 5,055 contracts—now sitting at 53,746 contracts as of late November. Over in Kansas City wheat futures, the picture looked similar, with fund shorts climbing 2,125 contracts to reach 22,064 contracts. This persistent short-biased positioning suggests traders expect further weakness.

**European Supply Pressure Building**

Across the Atlantic, France's farm ministry reported that soft wheat plantings for 2026 could reach 4.56 million hectares, up 0.1 million hectares year-over-year. Meanwhile, EU soft wheat exports totaled 10.5 MMT from July through mid-December—a notable 0.3 MMT lag versus the prior year's pace. The supply dynamics keep weighing on global pricing sentiment.

**Tuesday's Wheat Futures Snapshot**

- Mar 26 CBOT: $5.09 (down 11 3/4 cents)
- May 26 CBOT: $5.19 1/2 (down 9 1/2 cents)
- Mar 26 KCBT: $5.05 (down 7 cents)
- May 26 KCBT: $5.17 3/4 (down 6 1/2 cents)
- Mar 26 MGEX: $5.65 3/4 (down 3 cents)
- May 26 MGEX: $5.76 (down 2 1/4 cents)

The complex faces headwinds from softer demand, comfortable supply levels, and spec short accumulation—a combination that keeps Tuesday's selling pressure firmly in place.