The wheat complex experienced gains on Thursday, September 26, 2023, amid rising tensions in the Black Sea region. Chicago SRW contracts rose by 2 ¾ to 7 ½ cents, while KC HRW futures increased by 5 ¼ to 8 ½ cents, and MPLS spring wheat saw gains of 6 ½ to 7 ½ cents. Notably, overnight Ukrainian drone strikes targeted a Russian grains export terminal in Taman, causing significant damage.
Export Sales data revealed that 285,165 metric tons (MT) of 2026/27 wheat were sold in the week ending July 23, marking a marketing year low and less than half of the sales from the same week last year. Indonesia purchased 70,000 MT, while 60,000 MT went to the Philippines. Meanwhile, the European Commission reported a projected decline in EU wheat production to 124.4 million metric tons (MMT), down from a previous estimate by 1.9 MMT, with exports anticipated at 29 MMT, also down 1 MMT.
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