On Wednesday, the wheat market saw significant rallies, with Chicago SRW futures increasing by 25 to 26 cents, Kansas City HRW contracts gaining 23 to 24 cents, and Minneapolis spring wheat futures rising by 15 to 18 cents. The market will close on Thursday in observance of Juneteenth, with the Export Sales data expected on Friday, estimating 300,000 MT to 600,000 MT of 2025/26 wheat sold for the week ending June 12.
FranceAgriMer revised the French soft wheat ending stocks estimate down by 0.14 MMT to 2.48 MMT. Meanwhile, rains in parts of the Southern Plains have delayed the US winter wheat harvest, although a drier forecast for the upcoming week may help. In Russia, the Krasnodar region has declared a drought emergency following similar measures in the Rostov region.
Closing Prices: Jul 25 CBOT Wheat: $5.74 1/4 (+25 1/4 cents), Sep 25 CBOT Wheat: $5.90 1/2 (+25 cents); Jul 25 KCBT Wheat: $5.71 1/4 (+23 1/2 cents), Sep 25 KCBT Wheat: $5.86 1/2 (+24 cents); Jul 25 MGEX Wheat: $6.46 1/4 (+15 1/2 cents), Sep 25 MGEX Wheat: $6.61 1/2 (+17 1/4 cents).
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