Wheat futures experienced profit-taking on Thursday, with Chicago SRW futures down between 11 ¾ to 18 ½ cents. Kansas City HRW and Minneapolis spring wheat also faced declines, with prices falling 5 ¼ to 12 ¼ cents and 5 ¾ to 9 ¾ cents, respectively.
Export sales data for the week ending April 23 indicated 226,096 MT of old crop wheat sales, the highest in five weeks and significantly above last year’s figures. Indonesia was the leading buyer at 70,000 MT, followed by Taiwan at 40,100 MT and Nigeria at 33,400 MT. New crop sales reached 156,715 MT, with Taiwan purchasing 66,400 MT.
SovEcon forecasts Russian wheat exports for 2025/26 at 47.4 MMT, up by 0.9 MMT, while the European Commission estimates EU wheat production at 127.3 MMT, an increase of 1.4 MMT from last month. The average closing prices for various wheat contracts on May 26 were noted as follows: CBOT Wheat at $6.23 ¾, KCBT Wheat at $6.78, and MIAX Wheat at $6.95 ¾.
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