Wheat trading displayed mixed results on Thursday, October 26, 2023, with winter wheat experiencing modest gains while spring wheat saw declines. The Kansas City (KC) High-Quality Winter Wheat (HRW) futures reached their highest level since August 2023, increasing by 21 to 30.5 cents. Chicago Soft Red Winter (SRW) contracts also surged, recording their peak prices since 2024, closing 27.75 cents higher at $7.05. Open interest rose by 6,053 contracts on Wednesday.
The U.S. Export Sales data set to be released later today is anticipated to show net sales for the 2026/27 season in the range of 200,000 to 550,000 metric tons, per a Reuters survey. In related developments, the National Oceanic and Atmospheric Administration (NOAA) forecasts little to no precipitation for Minnesota and the Dakotas in the upcoming week, while the annual spring wheat tour reported yields in north-central and northwest North Dakota at 48.1 bushels per acre, a 1.9 bushel increase from last year.
Additionally, Russia has suspended shipments from the major export center in Novorossiysk during nighttime hours due to recent drone strikes attributed to Ukraine.
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