The wheat market experienced a decline leading into the weekend, with all major three futures markets closing lower. On September 25, Chicago Board of Trade (CBOT) wheat futures fell by 6.5 cents, closing at $5.16 ¾, while Kansas City HRW contracts dropped 7.5 cents to $5.18 ¾. Minneapolis Grain Exchange (MGEX) wheat was down 5.5 cents, settling at $5.72 ¼.
According to the USDA’s quarterly Flour Milling report, wheat ground for flour during April to June totaled 222.94 million bushels, marking a decrease of 3.7 million bushels from the previous quarter and 3 million bushels from the same period last year. Additionally, Sovecon revised its Russian wheat crop estimate to 83.3 million metric tons (MMT) and reduced Ukraine’s estimate by 2.8 MMT to 19.8 MMT.
