On July 26, 2023, the wheat complex experienced mostly positive market movement, with Chicago SRW wheat contracts rising 2 ¼ to 4 ¾ cents. KC HRW futures remained steady to 5 ¼ cents higher, although the nearby July contract dipped by ¼ cent. In contrast, MPLS spring wheat showed slight upward movement overall.
The FAS is set to release weekly Export Sales data on July 27, with expectations of net reductions of 100,000 MT for the current half of the 2025/26 marketing year. Analysts predict new crop sales between 200,000 to 600,000 MT for the week starting June 4. Additionally, a Bloomberg estimate for U.S. wheat production in the upcoming monthly Crop Production report anticipates a total of 1.555 billion bushels.
Coceral has projected that the EU and UK wheat crops will reach 143.7 million metric tons this year, marking an increase of 1.1 million metric tons from previous estimates.
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