On Wednesday, the wheat complex faced losses across the board, with Chicago SRW futures dropping between 11 to 15 ¾ cents. Kansas City HRW futures closed down by 7 ¼ to 10 ¾ cents, and MPLS spring wheat fell by 9 to 10 ¾ cents. Notably, the July 26 CBOT wheat closed at $5.87 ¼, reflecting a 15 ¾ cent decline.
The USDA is set to release Export Sales data on Thursday, with expectations of net reductions for old crop estimated at 200,000 MT and net sales projected at 100,000 MT. For the 2026/27 marketing year, sales are anticipated to range from 250,000 to 600,000 MT. Additionally, IKAR estimates Russian wheat output for 2026 at 91.5 million metric tons, which is a 1.5 million metric ton increase from previous forecasts, while exports are predicted at 47.5 million metric tons.
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