Wheat Prices Fizzle After Initial Surge Amid Ukraine-Russia Truce Proposal
The wheat market experienced an initial surge in prices but has since lost momentum. As of midday, Chicago SRW contracts are trading up 2 to 3 cents, while KC HRW futures are showing gains of 1 to 3 cents.
Early Thursday morning, Ukraine proposed a truce with Russia to halt attacks on civilian targets on the Black Sea, but there has been no response from Russia.
Weekly Export Sales data revealed net sales of 255,931 MT, which fell within the trade's expectations of between 200,000 and 500,000 MT for the week ending August 6. This was the second-lowest total for the marketing year and a significant drop of 64.59% from the same week last year.
The WASDE data also reported reduced production, leading to lower ending stocks for 2026/27 at 717 mbu. World ending stocks were increased by 0.41 MMT due to higher exports in Canada and Ukraine, but Russian exports were trimmed by 1.5 MMT.