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The wheat market is experiencing declines on Wednesday, with Chicago SRW wheat dropping 6 to 7 cents, KC HRW contracts falling 10 to 11 cents, and MPLS spring wheat down 15 to 16 cents. July 25 CBOT Wheat is priced at $5.29, while September 25 CBOT Wheat is at $5.45.
Analysts anticipate wheat export sales data, set for release on Thursday, to range between 300,000 and 600,000 MT for the week ending June 19. Additionally, the USDA will publish its quarterly Grain Stocks report on Monday, forecasting 836 million bushels of wheat on hand as of June 1.
Meanwhile, Russia’s wheat crop is projected at 83 million metric tons (MMT) for the current growing season, a slight increase of 0.2 MMT from previous estimates, according to Sovecon.
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