Wheat Prices Plummet as July Draws to Close

The wheat market closed out July on a downward note, with losses across all three exchanges as traders likely took profits at the end of the month. The Chicago SRW contracts saw prices drop by 18 ¼ to 24 ¼ cents, while September's price fell by 38 ¾ cents for the week but remained 50 cents higher than last month.

In Kansas City HRW futures, prices declined by 13 3/4 to 23 1/4 cents at close, with September experiencing a loss of 37 ¾ cents this week but gaining 82 ¼ cents during July. MPLS spring wheat was down 11 to 21 ¾ cents on Friday, and September's price dropped by 24 1/2 cents for the week.

The Commitment of Traders data revealed that managed money in CBT wheat futures and options reduced their net short position by another 12,469 contracts in the week ending July 28. This brings their total net short to just 6,880 contracts. Meanwhile, they increased their net long position in KC wheat by adding 3,289 contracts, now totaling 33,233 contracts.

Export Sales data showed that the total wheat sales for 2026/27 stand at 6.979 MMT, which is 33% of the current export estimate from USDA and lags behind the 39% average sales pace. The French soft wheat crop was estimated to be in 65% good/excellent condition as of July 27, according to FranceAgriMer, with the harvest considered complete.