US Wheat Prices Dip Amid Rainfall Outlook for Key Growing Regions
US grain and oilseed markets saw some mixed movements on Thursday, according to data from the USDA. Wheat prices were lower overall, but December contracts for hard red winter wheat remained rangebound between $5.25 and $5.40 per bushel.
The USDA reported that 325,900 tonnes of 2026-27 wheat were sold for export during the week ended September 10, a significant increase from the previous week at 68% but in line with trade expectations.
Hard red winter wheat growing areas can expect rain over the next week, while there's a chance of rain in western and central Kansas today. However, combined exports of Russian and Ukrainian wheat from July to September were estimated by SovEcon to be down 50% year-over-year at eight million tonnes.
Meanwhile, soybean prices remained neutral as they continued to trade rangebound. Export sales of new crop US soybeans totalled 1.702 million tonnes last week, with 875,300 tonnes going to China and 218,900 more earmarked for unknown destinations.