On Wednesday, the wheat market closed positively, with Chicago SRW futures gaining 6 to 8 cents, Kansas City HRW contracts rising 3 to 4 cents, and Minneapolis spring wheat futures increasing by 5 to 6 cents. Key closing prices included Chicago July wheat at $5.43 1/4, Kansas City July wheat at $5.40 1/2, and Minneapolis July wheat at $6.23 1/2.
The USDA’s Export Sales report, set to be released on Thursday, is estimated to show a net reduction in sales for the week ending on May 29, with figures ranging from 100,000 MT to 200,000 MT, while new crop estimates are between 300,000 MT and 800,000 MT. Additionally, Egypt is looking to shift its wheat imports away from Ukraine and Russia amidst increasing tensions in the region.
