The wheat market is experiencing modest gains as of midday Wednesday, with Chicago SRW contracts rising 1 to 2 cents, while Kansas City HRW futures are similarly up by 1 to 2 cents; September contracts in both markets saw 29 and 9 deliveries overnight, respectively. Minneapolis spring wheat is up 9 to 10 cents. As context, Russia has suspended the export duty on grain through the end of the year, impacting global supply and pricing.
As of August 30, EU soft wheat exports have reached 4.16 million metric tons (MMT) since July 1, only down 0.16 MMT compared to last year. In terms of closings: September CBOT wheat settled at $7.55 ¾, down 8 ¼ cents; December CBOT wheat at $7.84, up 1 ½ cents; September KCBT wheat at $8.32, up 6 ¼ cents; and September MIAX wheat at $7.56 ¾, up ¼ cent.
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