Wheat futures mostly closes in the red on Monday. Chicago SRW was down a few cents, KC HRW also dipped slightly, though Minneapolis spring wheat showed mixed signals with December up but other months sliding 2-3 cents. Nothing too dramatic, just a typical down day for the complex.

Export data caught my eye though. Weekly shipments hit just 384,881 MT, down nearly 20% from the previous week but still up from last year's same period. Vietnam and Mexico were the main buyers. Marketing year totals are sitting at 13.228 MMT so far, about 20% higher than last year's pace.

Export sales data released this morning showed 499,778 MT sold for the week ending October 23, which was right in the middle of expectations. That's a solid jump from the week before, up 46% actually. Russia's 2025/26 crop estimate came in at 86.5 MMT according to Argus, slightly lower than before. Australia's looking at 35.6 MMT, up 4% from the previous year.

So wheat closes mostly lower, but the export picture looks reasonably solid. Might be worth watching how these sales numbers develop going forward.