On Wednesday, the wheat market declined, with SRW futures dropping by 8 to 9 cents and KC contracts falling by 9 to 10 cents. MPLS spring wheat also registered losses of 2 to 4 cents.
The USDA’s Export Sales report is anticipated to show wheat sales between 250,000 and 500,000 metric tons for the week ending July 17. Additionally, a trade deal between Japan and the US announced on Tuesday will implement a 15% tariff starting August 1, with an expectation for Japan to import $8 billion in agricultural goods, although wheat was not explicitly mentioned.
The first day of the spring wheat tour reported a yield estimate of 50 bushels per acre in northern North Dakota, lower than last year’s average of 52.5 bushels per acre. The second-day results are expected later today.
