The wheat market experienced gains on Thursday, with Chicago SRW futures up 8 to 9 cents and KC HRW futures rising 7 to 8 cents by midday. MPLS spring wheat also increased by 2 to 3 cents.
For the week ending January 29, the Export Sales report indicated that 373,877 MT of wheat were sold, which is below analyst expectations of 300,000 to 600,000 MT and represents a 33.02% decline from the previous week. The total was also 14.81% lower than the same week last year. Additionally, 41,000 MT was sold for the 2026/27 marketing year.
On the global supply front, Russia reported a 2025 wheat crop estimate of 93 MMT, including areas from occupied territories in Ukraine. The expected area for 2026 is projected to be 83 MMT.
