The wheat market is experiencing a significant rally, with Chicago SRW contracts rising 14 to 15 cents, KC HRW futures up 16 to 17 cents, and MPLS spring wheat increasing by 17 to 18 cents as of midday today. This uptick is largely influenced by ongoing disruptions in the Black Sea, where recent port and vessel strikes have hampered exports, coinciding with the typical rise in Black Sea wheat sales post-harvest.
The USDA’s weekly Export Sales report, set to be released Thursday morning, is anticipated to show a range of 200,000 to 450,000 metric tons in wheat sales for the week ending August 13. As of now, September 26 CBOT Wheat is priced at $6.79 (up 14.5 cents), while December 26 CBOT Wheat is at $6.96 (up 14.75 cents). September 26 KCBT Wheat stands at $7.60 (up 16.25 cents) and December 26 KCBT Wheat at $7.74.75 (also up 16.25 cents).
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