The wheat complex experienced downward pressure on Thursday, following a rise to multi-year highs. Chicago Soft Red Winter (SRW) wheat closed down 8.5 to 13 cents, while Kansas City Hard Red Winter (HRW) futures fell 3 to 10.25 cents. The Minneapolis Spring wheat saw minor increases in the front months, closing up 0.5 to 1 cent, but declined 2 to 5 cents for back months.
Export sales data released by the FAS indicated wheat sales of 290,016 metric tons (MT) for the week ending July 13, a 23.36% increase from the previous week but still less than half the volume of the same week last year. Mexico was the leading buyer, purchasing 137,600 MT, followed by Taiwan with 98,200 MT. Additionally, annual spring wheat tour results estimated an average yield of 48 bushels per acre (bpa), down from 49.0 bpa last year but higher than the 5-year average of 45.8 bpa.
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