Wheat Complex Holds Gains Amid Russia Export Duty Suspension
The wheat complex is holding onto gains from Wednesday's trading at midday. Chicago Soft Red Winter (SRW) contracts are up 1 to 2 cents, with September being a lone holdout in deliveries. In contrast, Kansas City Hard Red Winter (HRW) futures are up 1 to 2 cents in most contracts, with September rising by 6 ¼ cents.
Meanwhile, Minneapolis spring wheat is showing 9 to 10 cent gains at midday. Overnight, Russia suspended the export duty on grain exports through the end of the year, which may have contributed to these gains.
Looking at export numbers, EU soft wheat exports have totaled 4.16 MMT as of August 30 since July 1, down just 0.16 MMT from last year's pace. This suggests that despite some challenges, wheat exports are still moving forward.