Wheat futures have been leading the CBOT row crop complex higher in recent days, after a set of USDA reports released earlier this week showed less acres and smaller stocks than anticipated by the market. U.S. winter wheat production is generationally low, and issues with wheat crops elsewhere are supporting futures. "The international picture adds fuel," says Jim Wiesemeyer of Ag Bull in a note. Canada is reporting a 5.8% decrease in wheat production for 2026, while Russian farmers are being crimped by higher input costs. "Add lingering damage from the European heatwave and a U.S. balance sheet suddenly smaller than assumed, and wheat--the most shorted and most disparaged of the majors-- has the raw material for a short-covering rally," says Wiesemeyer. (kirk.maltais@wsj.com)