Wheat prices are experiencing early morning losses on Thursday, April 27, 2023, as traders take profits ahead of the month’s end. Chicago SRW futures saw a decrease of 6¾ cents, closing at $6.42¼, while KC HRW futures dipped 6½ cents for May, closing at $6.90¼. There were 400 deliveries against May CBT wheat and 578 against May KC wheat overnight. Open interest rose by 3,077 contracts.
The USDA’s Agricultural Attaché has estimated the Australian wheat crop for 2026/27 at 29 million metric tons (MMT), a reduction of 6 MMT from the previous year. Meanwhile, Canada’s wheat crop is estimated at 36.16 MMT, down 3.8 MMT from last year. Export sales data, expected today, may reflect old crop sales between 0-300,000 MT and new crop sales in the range of 0-200,000 MT.
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