Wheat Market Drops 2-5 Cents Amid Ukraine-Russia Conflict and USDA Report

The wheat market saw losses of 2 to 5 cents on Thursday as it continued to face weakness from the previous day's trade. The Chicago SRW posted losses ranging from 2 ¾ to 9 ¼ cents, while KC HRW futures were down by 4 ¾ to 9 ¾ cents across the board. MPLS spring wheat also saw losses of 2 ½ to 7 ¾ cents at the midweek close.

Traders are keeping a close eye on the Ukraine/Russia conflict, with talks between Ukraine's President Zelenskyy and Russia indicating that Ukraine is ready for a ceasefire on energy targets if Russia makes a similar move. The USDA's Export Sales report will be released on Thursday, with traders expecting between 350,000 MT and 600,000 MT of wheat bookings in the week of September 17.

The Coceral estimates the UK and EU wheat crops at 137.5 MMT, a 3.3 MMT reduction from their previous number. The CBOT Wheat prices closed at $7.08 1/2 on December 26, down 8 3/4 cents, and are currently down 4 cents. The KCBT Wheat prices closed at $7.71 3/4 on December 26, down 9 1/2 cents, and are currently down 5 cents.