Wheat prices experienced significant declines on Friday morning, following a previous rally to multi-year highs. Chicago SRW contracts fell between 8½ to 13 cents, with September futures closing at $6.96¾, representing a 9½ cent drop. Additionally, Kansas City HRW futures slipped by up to 10¼ cents, while open interest increased with Chicago rising by 8,051 contracts and Kansas City by 5,096 contracts.
Export sales data for the week ending July 13 indicated 290,016 metric tons of wheat sold, a 23.36% increase from the previous week but less than half of the sales from the same week last year. Mexico emerged as the top buyer, purchasing 137,600 metric tons, followed by 98,200 metric tons sold to Taiwan. The annual spring wheat tour estimated an average yield of 48 bushels per acre, slightly lower than last year’s 49 bushels per acre, but above the 5-year average of 45.8 bushels.
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