Wheat Market Sees Mixed Trade Amid Ongoing Conflict in Ukraine

The wheat market is showing mixed trade on Thursday, with winter wheats experiencing fractional to 2 cent losses and spring wheat bouncing. The complex saw mixed trade into Wednesday's close, with Chicago SRW contracts closing 3 3/4 to 10 cents higher. Open interest was up 2,053 contracts, suggesting new buying.

Kansas City HRW futures were 6 ½ to 14 cents higher across the board, while open interest rose by 1,909 contracts on Wednesday. MPLS spring wheat was mixed, with front months down as much as 1 ¼ cents and deferreds up 3 ½ at the close.

Traders are looking forward to this morning's Weekly Export Sales data, which is expected to show net sales of 2026/27 wheat between 250,000 to 450,000 MT in the week of July 30. Concerns remain about the flow of exports out of the Black Sea due to the ongoing Russia/Ukraine conflict, with attacks on vessels and ports increasing in recent weeks.

Russia struck a Ukrainian vessel loaded with wheat late on Wednesday, while Algeria purchased an estimated 720,000 MT of wheat in a tender on Wednesday. The EU wheat crop estimate has been revised down by 1.5 MMT to 126.8 MMT by Expana.