The wheat market reached 3-year highs on Thursday, with Chicago SRW contracts up by 8 to 12.5 cents, KC HRW futures gaining 10 to 13.25 cents, and MPLS spring wheat increasing by 5 to 11.25 cents. The rise in prices coincides with ongoing tensions in the Black Sea, as reports indicate Russia is seeking to escalate the conflict, heightening concerns during the peak shipment season.
In the week ending August 20, export sales data revealed total wheat sales of 402,531 metric tons (MT) for the 2026/27 season, marking a 9-week high but 30.57% lower than the same week last year. Mexico was the largest buyer with 78,500 MT, followed by Japan with 71,900 MT and Vietnam with 65,000 MT. The European Commission estimated EU wheat production at 124.2 million metric tons, a reduction of 0.2 million from last month, with ending stocks projected to drop by 1.6 million MT to 11.3 million MT.
Key price points include: Sep 26 CBOT Wheat at $7.42 3/4 (up 12 1/4 cents), Dec 26 CBOT Wheat at $7.60 3/4 (up 12 1/2 cents), Sep 26 KCBT Wheat at $8.03 1/2 (up 11 1/2 cents), and Dec 26 KCBT Wheat at $8.22 (up 13 1/4 cents).
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