On Wednesday, July 26, the wheat market experienced declines, with Chicago SRW futures falling by 10 to 13 cents, KC HRW futures down 2½ to 7½ cents, and MPLS spring wheat dropping 2 to 11 cents. The continued pressure from crude oil losses of $4.48 contributed to this downturn.
U.S. Crop Progress reported that 89% of the spring wheat crop is now planted, surpassing the 5-year average of 79%, with emergence at 56%. The winter wheat crop is 78% headed, 8 percentage points ahead of the norm, although condition ratings dropped to 26% good/excellent. A South Korean flour mill has purchased 100,000 MT of wheat from the U.S. and Canada, while SovEcon estimates the Russian wheat crop for 2026 at 90.3 MMT, an increase of 0.6 MMT from previous estimates.
Wheat prices closed as follows on July 26: CBOT July at $6.22½ (down 13 cents), September at $6.35¾ (down 12½ cents); KCBT July at $6.69¾ (down 6½ cents), September at $6.81½ (down 6½ cents); MIAX July at $6.81¾ (down 11 cents), and September at $7.05¼ (down 9 cents).
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