Wheat Prices Plummet Amid Pressure from Multi-Year Highs

Wheat prices plummeted in early Friday trade, with losses reaching double digits. The wheat complex had faced pressure on Thursday after hitting fresh multi-year highs overnight.

The Chicago SRW contracts were down by 8 ½ to 13 cents at the close, while open interest rose by 8,051 contracts. Kansas City HRW futures also slipped late in the day, with contracts down 3 to 10 ¼ cents and open interest up 5,096 contracts.

Export Sales data from FAS showed that wheat sales for the week of July 13 were just 290,016 MT, a 23.36% increase from last week but still less than half the same week last year. Mexico was the lead buyer, purchasing 137,600 MT, followed by Taiwan with 98,200 MT.

The annual spring wheat tour results reported an average estimate of 48 bpa, below last year's 49.0 bpa but above the five-year average of 45.8 bpa. IKAR estimated the Russian wheat crop at 90 MMT and predicted 2026/27 exports at 44.5 MMT.