On Thursday, May 26, the wheat complex is experiencing a decline, with Chicago SRW futures dropping 15 to 18 ¼ cents and KC HRW futures down by 5 to 13 cents. Notably, there were 400 deliveries against May CBT wheat and 578 against May KC wheat, all by the Bunge house account.
Export Sales data released today shows 226,096 MT of old crop wheat sales for the week of April 23, exceeding trade estimates and marking a five-week high. New crop sales reached 156,715 MT, the largest total in four weeks, both figures near the upper bounds of expectations.
SovEcon projects Russian wheat exports for 2025/26 at 47.4 MMT, up 0.9 MMT from previous estimates, while the European Commission estimates EU wheat production at 127.3 MMT, a 1.4 MMT rise from the prior month. Additionally, rain is expected in parts of SRW country later this week, with much of the U.S. remaining dry.
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