The wheat complex reached three-year highs on Thursday, with Chicago SRW contracts rising by 9 to 10 cents and KC HRW futures gaining 10 to 12 cents. Both the KC and CBT wheat markets have expanded limits by 70 cents. At midday, MPLS spring wheat also showed gains of 5 to 8 cents.
This uptick follows ongoing tensions in the Black Sea region, with escalations reported by Russia, as the next four months represent the peak shipment season. Additionally, export sales data revealed 402,531 metric tons of 2026/27 wheat sold in the week of August 20, aligning with analysts’ expectations but down 30.57% from the same week last year.
The European Commission estimates EU wheat production at 124.2 million metric tons, a decrease of 0.2 million metric tons from last month. Ending stocks are projected at 11.3 million metric tons, down 1.6 million metric tons from the previous estimate.
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