The wheat complex ended Wednesday on a mixed note, as the hard red contracts were busy posting slight strength. Chicago SRW wheat was fractionally lower to close out the session. KC HRW contracts posted slight 1 to 2 cent gains at the close. MPLS spring wheat was up 1 to 2 cents on Wednesday. Rains across parts of the TX panhandle to NE may slow some harvest progress in the next week, with MT/ND remaining dry.
President Trump issued more letters to countries this morning notifying them of the August 1 increase in tariffs, namely a 20% tariff on the Philippines.
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USDA will release their weekly Export Sales report on Thursday with traders surveyed by Reuters looking for 200,000 to 600,000 MT in wheat sales.
Crop Production data will be updated on Friday, with a Bloomberg survey of analysts showing all wheat production tightening by 14 mbu to 1.907 bbu, mainly on the lower harvested acres found at the end of June. Winter wheat is seen at 1.362 bbu, down 19 mbu from last month, with spring wheat seen at mbu and durum at 78 mbu. Wheat stock for the end of 2025/26 are seen at 894, just 4 mbu lower vs. last month.
A Ukraine grain trader union estimates the country’s 2025 corn crop at 22.4 MMT, below the USDA’s current number of 23 MMT.
Jul 25 CBOT Wheat closed at $5.42 3/4, down 1/4 cent,
Sep 25 CBOT Wheat closed at $5.47, down 3/4 cent,
Jul 25 KCBT Wheat closed at $5.05 1/2, up 2 cents,
Sep 25 KCBT Wheat closed at $5.24, up 1 1/2 cents,
Jul 25 MGEX Wheat closed at $6.14, up 1 cent,
Sep 25 MGEX Wheat closed at $6.31 1/2, up 1 3/4 cent,
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.
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