The wheat complex posted mixed action on Wednesday, the hard red contracts were held up into the close. Chicago SRW futures were the weakest, down 5 to 6 cents at the close. KC contracts were up 2 to 4 cents on the day. MPLS spring wheat was fractionally mixed across the nearby contracts.
Export Sales estimates are calling for 300,000 to 700,000 MT of wheat sales on the week ending on July 24. The data will be released on Thursday morning.
The Bangladesh government has approved an initial purchase of 220,000 MT of US wheat in order to help ease some trade tensions. On Wednesday morning, President Trump posted that tariffs on India will rise to 25% on August 1, citing the trade deficit and their buying of Russian crude oil.
Sovecon estimate the Russian wheat export total for 2025/26 at 43.3 MMT, up from the 38.3 MMT previous estimate. Production was up 0.6 MMT to 83.6 MMT.
Sep 25 CBOT Wheat closed at $5.23 3/4, down 6 cents,
Dec 25 CBOT Wheat closed at $5.44 1/4, down 5 3/4 cents,
Sep 25 KCBT Wheat closed at $5.22, up 3 1/2 cents,
Dec 25 KCBT Wheat closed at $5.42 1/4, up 2 3/4 cents,
Sep 25 MGEX Wheat closed at $5.77 1/4, down 1/4 cent,
Dec 25 MGEX Wheat closed at $6.00, unch,
