Wheat prices are showing a slight recovery on Thursday morning across all three markets after experiencing losses on Wednesday. Chicago SRW futures decreased by 11 to 15 ¾ cents, with July 26 closing at $5.87 1/4, down 15 3/4 cents. Kansas City HRW and MPLS spring wheat futures also fell, closing down 7 ¼ to 10 ¾ cents and 9 to 10 ¾ cents, respectively. Open interest for wheat rose by 6,945 contracts on Wednesday.
The USDA is set to release export sales data today, with expectations of a net reduction of 200,000 metric tons in old crop sales, leading to net sales projections around 100,000 metric tons. For the 2026/27 season, sales are estimated to reach between 250,000 and 600,000 metric tons. Meanwhile, IKAR forecasts Russian wheat output to increase to 91.5 million metric tons for 2026, revising its previous estimate upwards by 1.5 million metric tons, with exports anticipated at 47.5 million metric tons.
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