On Wednesday, the wheat complex experienced gains across most contracts, with Chicago SRW trading up 4 to 5 cents and Kansas City HRW futures rising ½ to 1 ½ cents. Minneapolis spring wheat showed similar modest increases. Meanwhile, NOAA forecasts 1 to 3 inches of rain could limit harvest activity across much of the Southern Plains, specifically in Texas, Oklahoma, and Kansas.
The USDA’s monthly Crop Production report, set for Thursday, is expected to reveal a U.S. wheat production estimate of 1.555 billion bushels, with winter wheat projected at 1.04 billion bushels, reflecting an 8 million bushel reduction. Hard Red Winter (HRW) wheat is expected to decline by 7 million bushels to 508 million bushels, while Soft Red Winter (SRW) estimates rise by 1 million bushels to 302 million bushels. Additionally, Coceral estimates EU and UK wheat crops at 143.7 million metric tons, an increase of 1.1 million metric tons from prior projections.
As of July 26, CBOT wheat prices include: Jul $5.89 ½ (+4 ¼ cents), Sep $6.01 ½ (+4 ¾ cents); KCBT wheat prices are: Jul $6.31 ¼ (+½ cent), Sep $6.41 ½ (+1 ¼ cents); MIAX prices are: Jul $6.19 (+1 ½ cents), Sep $6.44 (+¾ cent).
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