Wheat prices experienced declines across all major exchanges on Friday morning, following losses from the previous day. Chicago SRW contracts fell between 3.75 to 6.75 cents, with overall open interest down by 2,157 contracts. In Kansas City, HRW futures also dropped by 5 to 8.5 cents, while the Minneapolis spring wheat saw a decline of 1 to 3.5 cents.
Export sales data reported 325,935 metric tons (MT) in wheat sales for the week ending September 10, marking a three-week high but 14.65% lower compared to the same week last year. The Philippines was the leading purchaser, buying 189,600 MT, followed by Mexico with 70,300 MT and South Korea with 51,500 MT.
In a related development, Turkey proposed a deal to halt recent strikes in the Black Sea that have affected wheat exports, but no responses have been received yet. Additionally, SovEcon estimates that combined wheat exports from Russia and Ukraine will total 8 million metric tons (MMT) from July through September, down from 16.4 MMT during the same period last year.
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