The wheat complex experienced declines on Wednesday, July 26, 2023, with Chicago SRW futures dropping by 15 to 17 cents, while KC HRW futures fell 14 to 15 cents. MPLS spring wheat saw a decrease of 10 to 11 cents.
Upcoming USDA Export Sales data is anticipated to show 200,000 MT in net reductions for the old crop, with net sales projected at 100,000 MT. Sales estimates for the 2026/27 crop year are expected to range from 250,000 to 600,000 MT. Additionally, IKAR projects Russian wheat output at 91.5 MMT for 2026, an increase of 1.5 MMT, with exports estimated at 47.5 MMT.
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