Wheat Market Sees Mixed Trade Ahead of Export Sales Data

The wheat market saw mixed trade into the Wednesday close, with some contracts gaining and others losing ground. Chicago SRW contracts rose by as much as 10 cents, while KC HRW futures increased by up to 14 cents.

MPLS spring wheat was more volatile, with front months falling by up to 1 ¼ cents, but deferreds rising by 3 ½ cents at the close. The mixed performance comes ahead of the release of weekly export sales data on Thursday, which is expected to show net sales between 250,000 and 450,000 MT in the week of July 30.

Concerns remain about the flow of exports out of the Black Sea due to ongoing conflict between Russia and Ukraine, with attacks on vessels and ports continuing to escalate. However, Algeria purchased an estimated 720,000 MT of wheat in a tender on Wednesday, providing some support for prices.