Wheat Prices Plummet Across Markets Amid Ongoing Export Concerns

The wheat market is experiencing another day of losses on Thursday, with prices down across the board. Chicago SRW contracts are falling by $0.13 to $0.14 in the front months, while KC HRW futures are leading the decline, down by $0.17 to $0.18 cents.

The MPLS spring wheat market is also trading lower, with contracts down by $0.15 to $0.16 at midday. The recent export sales data showed a total of 296,427 MT reported in the week of July 30, which was on the lower side of estimates and 59.82% below the same week last year.

Concerns about the flow of exports out of the Black Sea are ongoing due to the Russia/Ukraine conflicts, with Russia striking a Ukrainian vessel loaded with wheat late on Wednesday. Expana estimates the EU wheat crop at 126.8 MMT, down 1.5 MMT from their previous number.