On Wednesday, May 26, wheat futures closed lower across major markets, with Chicago SRW futures down 5.75 cents to $5.99¼, and KC HRW futures also declining by 5.75 cents to $6.37¾. MPLS spring wheat recorded smaller losses of up to 2.25 cents. The decline comes amid a 7-day NOAA forecast indicating minimal precipitation in western Kansas and Texas, while eastern areas expect 1 to 2 inches.
Weekly Export Sales data, set to release on Thursday, anticipates old crop wheat sales ranging from 0 to 250,000 metric tons (MT), while new crop sales are expected between 100,000 and 300,000 MT. Additionally, SovEcon has revised its estimate for the Russian wheat crop to 89.7 million metric tons, up 2.1 million metric tons due to favorable weather conditions. EU soft wheat exports have also increased, totaling 19.01 million MT from July 1 to April 19, a rise of 1.39 million MT compared to the same period last year.
