Bears Struggle as Wheat Market Rises Relentlessly

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The wheat complex experienced a decline across all three exchanges on Thursday. CBT soft red wheat futures fell by 1 to 2.5 cents, closing at $5.02 1/4, while KC HRW futures rose by 3 to 4 cents, closing at $4.79 3/4. The USDA Export Sales report, expected to show wheat sales ranging from 350,000 to 700,000 MT for the week of August 28, will be delayed until Friday due to a holiday.

Monthly Census data revealed that U.S. wheat exports totaled 2.305 million metric tons (84.69 million bushels) in July, marking a 34.05% increase month-over-month and a 22.52% increase year-over-year, the highest in five years.

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