On Thursday, the wheat complex experienced a downturn, with Chicago SRW contracts closing steady to down 2¼ cents. Kansas City HRW futures also saw losses of up to 3 cents, while MPLS spring wheat fell by 3¼ to 4¼ cents in nearby contracts.
In geopolitical developments, Ukraine proposed a truce with Russia early Thursday morning to cease attacks on civilian targets in the Black Sea, but there has been little reported response from Russia. Meanwhile, weekly export sales data revealed net sales of 255,931 MT for the week of August 6, significantly down 64.59% year-over-year, with Mexico as the top buyer at 101,100 MT.
As for recent market figures, September 26 CBOT Wheat closed at $6.52¾, unch; December 26 CBOT Wheat at $6.68¼, down 1½ cents; September 26 KCBT Wheat at $7.20½, down ¼ cent; and December 26 KCBT Wheat at $7.34¾, down 3 cents.
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