Wheat Slumps Amid High Export Sales and EU Crop Forecast Cut
Wheat futures plummeted on Thursday, weighed down by double-digit losses in Kansas City Hard Red Winter contracts. The decline occurred despite a 4-week high in weekly export sales of 296,427 MT, which still lagged behind last year's figures by approximately 60%. The Philippines, Mexico, and Vietnam were the primary buyers for the week ending July 30.
The KC HRW market saw front-month contracts drop by 10 to losses of 13.75 cents, while Chicago Soft Red Winter nearby contracts fell as much as 11 cents. Minneapolis spring wheat also ended lower, with losses exceeding 12 cents per bushel. The decline in the wheat market occurred even as Expana lowered its EU wheat crop forecast to 126.8 MMT, a 1.5 MMT reduction from previous estimates.
Sinograin's auction of soybeans may have provided some relief for prices, but it was not enough to offset the broader market decline in wheat. The national average cash price settled at $11.31 per bushel, with front-month contracts gaining between 1 and 5 3/4 cents.
The corn market finished Thursday on a firmer note, with futures climbing 1 1/4 to 2 1/4 cents by the close. Prices stayed near intraday highs throughout the afternoon trade, supported by a slight increase in the national average cash corn price.