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On July 25, 2023, wheat markets closed mixed, with Chicago SRW wheat down slightly at $5.42 3/4 per bushel, and KCBT wheat gaining 1 to 2 cents, closing at $5.05 1/2 for July and $5.24 for September. Rains across the Texas panhandle and northeast may slow harvest progress, while Montana and North Dakota remain dry. The USDA will release its weekly Export Sales report on Thursday, expecting between 200,000 to 600,000 MT in wheat sales.
President Trump notified countries of a new 20% tariff on the Philippines effective August 1. Meanwhile, a Ukrainian grain trader union estimates the 2025 corn crop at 22.4 million metric tons, lower than the USDA’s estimate of 23 million metric tons.
Upcoming USDA Crop Production data is expected to show all wheat production tightening by 14 million bushels to 1.907 billion bushels, driven by lower harvested acres. Notably, winter wheat is projected to decrease to 1.362 billion bushels, down 19 million bushels from last month.
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