The wheat complex showed gains on Thursday at midday, with Chicago SRW contracts rising by 8 to 11.5 cents, while KC HRW futures increased by 6 to 9.25 cents. MPLS spring wheat is also up by 6 to 7 cents. In overnight trading, there were 25 delivery notices for July futures.
According to USDA export sales data, a total of 313,103 MT of wheat was sold for the week ending July 2, which falls within the projected 250,000 to 600,000 MT range for 2026/27 but is 45.86% lower than the same week last year. Crop production updates are expected on Friday, with a Bloomberg poll estimating total wheat production at 1.527 billion bushels, a decrease from the previous month.
Taiwan has issued a tender for 98,150 MT of U.S. wheat, due by July 15. Meanwhile, Ukraine’s wheat production forecast for 2026/27 has been raised to 23 million metric tons, and Argentina’s estimate has increased by 0.5 million metric tons to 20.5 million metric tons. In contrast, the EU’s wheat production estimate has been reduced by 0.9 million metric tons to 128.3 million metric tons.
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