The wheat market showed slight strength on Wednesday, with Chicago SRW wheat up 1 to 2 cents and KC HRW contracts posting fractional gains. There were 4 deliveries for July KC wheat. MPLS spring wheat rose by 2 to 4 cents. As of July 25, July CBOT Wheat was priced at $5.43, while September CBOT Wheat increased by 1.25 cents to $5.49.
In related news, President Trump notified several countries, including the Philippines, of a 20% tariff increase set for August 1. Crop Production data updates are expected on Friday, with analysts predicting a decrease in all wheat production by 14 million bushels to 1.907 billion bushels, primarily due to reduced harvested acres.
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