Wheat prices are down across major exchanges as of Thursday’s midday, with Chicago SRW wheat declining by 5 to 7 cents, KC HRW contracts also down by 5 to 7 cents, and MPLS spring wheat experiencing a drop of 6 to 8 cents. USDA’s Export Sales report from the week of June 19 indicates 255,208 MT of wheat sold, falling below analyst expectations of 300,000 to 600,000 MT, marking a 40.26% decrease from the previous week and a 61.75% decline from the same week last year. Japan was the largest buyer at 93,600 MT, followed by Mexico at 83,200 MT.
The USDA is set to release its quarterly Grain Stocks report on Monday, projecting 836 million bushels of wheat on hand as of June 1, with estimates ranging between 805 million to 852 million bushels. Additionally, Russia’s wheat crop is now estimated at 84.53 MMT, a slight increase from earlier predictions, while the International Grains Council has raised world wheat production to 808 MMT.
Current wheat prices include: Jul 25 CBOT Wheat at $5.22 1/2 (down 5 3/4 cents), Sep 25 CBOT Wheat at $5.37 3/4 (down 6 3/4 cents), Jul 25 KCBT Wheat at $5.17 1/2 (down 6 3/4 cents), and Jul 25 MGEX Wheat at $6.03 3/4 (down 7 3/4 cents).
