The wheat market concluded the Wednesday trading session with positive gains across all three exchanges, although prices retreated slightly from midday highs. Chicago SRW futures rose by 3 to 4 cents, while Kansas City HRW witnessed gains of 4 to 5 cents. Minneapolis spring wheat futures advanced by 6 to 7 cents.

Looking ahead, the upcoming week indicates limited rainfall for much of the western Southern Plains, although some SRW areas might experience a wetter pattern.

Export Sales data, set to release on Thursday morning, is anticipated to show 2024/25 wheat sales between net reductions of 200,000 MT and sales of 100,000 MT. New crop wheat sales are expected to range from 300,000 to 700,000 MT.

SovEcon has estimated the 2025 Russian wheat crop at 81 MMT. This figure is 1.3 MMT higher than the previous estimate but below the 82.6 MMT total from the previous year. The USDA’s estimate stands at 83 MMT.

Jul 25 CBOT Wheat closed at $5.49 1/4, up 3 1/4 cents.

Sep 25 CBOT Wheat closed at $5.63 3/4, up 4 cents.

Jul 25 KCBT Wheat closed at $5.40 1/2, up 4 1/4 cents.

Sep 25 KCBT Wheat closed at $5.54 3/4, up 4 3/4 cents.

Jul 25 MGEX Wheat closed at $6.04 1/4, up 6 1/2 cents.

Sep 25 MGEX Wheat closed at $6.17, up 6 3/4 cents.

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.