The wheat market experienced pressure recently, with Chicago SRW contracts closing down 12 to 18 1/4 cents, and September decreasing 4 ¾ cents on the week. KC HRW futures fell between 10 to 14 3/4 cents, although September noted a weekly gain of 13 cents. The MPLS spring wheat declined by 10 to 15 ¾ cents, despite a 22 ½ cent increase for September this week.
Significant data includes U.S. export sales for the new crop at 6.68 million metric tons, reflecting a 26% decrease from the previous year and only 32% of the USDA’s export forecast. Meanwhile, the Russian wheat crop is projected at 90 million metric tons, with exports expected to reach 44.5 million metric tons by 2026/27.
As of the close on September 26, CBOT wheat was priced at $6.78 (down 18 1/4 cents), KCBT at $7.45 1/4 (down 14 1/2 cents), and MIAX at $7.14 1/4 (down 15 3/4 cents).
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