Wheat Prices Plummet Amid Export Sales Slump
The wheat market is experiencing significant losses on Thursday, with Chicago SRW down by 14 to 15 1/4 cents. KC HRW futures are showing losses of 11 to 13 cents. MPLS spring wheat is also lower, trading at 11 to 14 cents below its previous price.
Export sales data from this Thursday shows that the 2026/27 wheat sales have dropped by 30% compared to the same week last year. This represents only 44% of the USDA's export projection and lags behind the average pace of 53%. Exports out of the Black Sea are still limited due to ongoing tensions between Russia and Ukraine.
The price decline in wheat is evident across various futures contracts, with Dec 26 CBOT Wheat trading at $7.11 3/4, down by 15 1/4 cents. Mar 27 CBOT Wheat follows closely, priced at $7.28, down by 15 cents.