On May 26, 2023, the Chicago SRW wheat futures closed at $6.42 1/4, down 6 ¾ cents, while KC HRW futures finished at $6.90 1/4, declining by 6 ½ cents. Conversely, MPLS spring wheat saw gains of up to 4 ½ cents. Month-end profit-taking influenced the market movement, with the deferred contracts showing mixed outcomes.
In related news, the USDA’s Agricultural Attaché estimates the Australian wheat crop for 2026/27 at 29 million metric tons (MMT), down 6 MMT from the previous year, while Canada’s crop is projected at 36.16 MMT, a decrease of 3.8 MMT. Export sales data is expected on Thursday, with traders anticipating 0-300,000 MT for old crop and 0-200,000 MT for new crop.
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