**Wheat Market Update – July 26, 2023**
On July 26, 2023, wheat prices exhibited a mixed performance, with Chicago SRW futures closing at $5.99 ½, down 9 ¾ cents, while KC HRW futures fell to $6.34 ¼, down 5 ½ cents. MPLS spring wheat remained steady. Notably, open interest in Chicago increased by 3,221 contracts, while KC HRW showed a decrease of 1,885 contracts.
The USDA will release export sales data later today, with projections for 2026/27 wheat sales expected between 250,000 and 600,000 metric tons. Additionally, a Bloomberg poll anticipates a decrease in total wheat production to 1.527 billion bushels, down 17 million from last month. Winter wheat production is estimated at 1.004 billion bushels, reflecting a 26 million bushel decline.
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