KC wheat overnight took out the May 2024 high in trading.
May 13, 2026
Overnight trading ended mix, but the grain trade was all higher in the early morning hours of today, with Kansas July wheat tagging 750 before retreating a dime from gains of just over $0.20 last night. Last night’s high took out the May 2024 high of 746.2 before retreating. Ultimately a run in KC wheat could achieve something in the 775-790 range.
Yesterday’s WASDE delivered plenty for the market to digest. The broad takeaway is that old-crop inventories remain comfortable, while new-crop balance sheets came in tighter than expected. The biggest surprise was in the global grain outlook. USDA’s 2026/27 world corn supply landed 11 mmt below the average trade estimate, extending a notable tightening trend. Compared with 2023/24, global corn supplies are now down 36.5 mmt, a decline large enough that the market is beginning to pay attention. Wheat is facing a similar squeeze, with world supplies projected to contract meaningfully. Soybean stocks are also moving lower, though the tightening is less aggressive than in corn and wheat.
