CBOT wheat, K.C. wheat climb by daily trading limits

CHICAGO, May 12 (Reuters) - Chicago Board of Trade wheat and K.C. wheat futures climbed by their daily trading limits on Tuesday after the U.S. Department of Agriculture projected the nation's harvest will drop to the lowest level since 1972.

  • USDA projected U.S. wheat production in the 2026/27 season at 1.561 billion bushels, down from 1.985 billion in 2025/26, as a severe drought in the U.S. Plains was likely to slash the hard red winter wheat crop by 25% from a year earlier.

  • Analysts polled by Reuters, on average, expected the USDA to project a 1.735-billion-bushel all-wheat crop.

  • U.S. hard red winter wheat production for 2026 will drop to 515 million bushels, the lowest level since 1957, according to USDA.

  • CBOT July soft red winter wheat WN26 climbed by the 45-cent trading limit to $6.79 per bushel and set the highest level since October 2024.

  • K.C. July hard red winter wheat KWN26 soared 45 cents to $7.31-1/4 per bushel, a contract high.

  • Minneapolis July spring wheat MWEN26 ended up 37-1/2 cents at $7.24 per bushel after setting a contract high of $7.32 per bushel.


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