**Wheat Market Update: Losses Across Exchanges**
Wheat is experiencing double-digit losses across all three exchanges as of Wednesday, with Chicago SRW futures down 1 to 3 cents and KC HRW futures showing fractional declines. MPLS spring wheat has also fallen, down 3 to 4 cents in the front months. The July 26 CBOT wheat closed at $6.08 1/4, reflecting a decrease of 20 cents from the previous trading session.
Analysts expect the USDA to lower the US ending stocks estimate by 8 million bushels to 923 million bushels in Thursday’s WASDE report. In contrast, Argus estimates the Russian wheat crop to be 88.7 million metric tons, up by 1.2 million metric tons. Moreover, data from the European Commission indicates EU wheat exports reached 18 million metric tons from July 1 to April 5, surpassing the previous year’s figures by 1.21 million metric tons.
