Wheat Market Crashes to Close Out July Amid Global Sales Lag

The wheat market ended July on a sour note, as prices plummeted across multiple exchanges. The Chicago SRW contracts saw significant losses of up to 18 ¼ cents at close, with September contracts down 38 ¾ cents for the week but still managing to stay 50 cents higher for the month.

Kansas City HRW futures also took a hit, falling by as much as 13 3/4 cents at close. While September contracts dropped 37 ¾ cents this week, they did see an increase of 82 ¼ cents during July.

The MPLS spring wheat was down 11 to 21 ¾ cents on Friday, with September contracts decreasing by 24 1/2 cents for the week.

However, there is some positive news for managed money in CBT wheat futures and options. According to Commitment of Traders data, they reduced their net short positions by another 12,469 contracts in the week ending July 28, bringing it down to just 6,880 contracts. In KC wheat, they added another 3,289 contracts to their net long position, now at 33,233 contracts.

Export Sales data showed total wheat sales for 2026/27 at 6.979 MMT, which lags the current export estimate from USDA and trails the average sales pace of 39%.