The wheat complex experienced declines on Thursday, with Chicago SRW futures dropping by 5.5 to 7.5 cents, KC HRW futures declining by 3 to 5 cents, and MPLS spring wheat falling by up to 5.25 cents. The price of crude oil also contributed to the downward pressure, losing $3.11.
USDA Export Sales data released for the week of May 28 reported 642,239 MT in net cancellations for the 2025/26 marketing year, with the Philippines canceling 224,100 MT. In contrast, new crop sales for 2026/27 reached 838,507 MT, with significant purchases from South Korea (202,100 MT), the Philippines (156,000 MT), and an unknown destination (154,300 MT).
Additionally, the Buenos Aires Grain Exchange noted that Argentina’s wheat crop is 32.4% planted, significantly above the 5-year average of 20%. Wheat prices at closing included Jul 26 CBOT Wheat at $5.81 3/4 (down 5.5 cents) and Sep 26 KCBT Wheat at $6.32 (down 3.75 cents).
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