Wheat futures experienced a downturn on Wednesday, following the limit gains from the previous day. Chicago SRW futures closed steady to 3.5 cents lower, while KC HRW futures fell by up to 7.75 cents. The Kansas Wheat Quality Tour reported an average yield of 38.3 bushels per acre on its first day, marking the lowest yield for Day 1 since 2023 and significantly down from last year’s 50.5 bpa. This yield data could signal potential supply constraints that traders will need to monitor closely.
The upcoming USDA Export Sales report is anticipated to reveal 2025/26 sales ranging between 50,000 and 150,000 metric tons, with new crop sales projected between 100,000 and 350,000 metric tons. Additionally, French soft wheat exports are expected to increase slightly, while Argentina’s wheat crop is projected to decline sharply from the previous year.
Market participants should keep an eye on the evolving yield reports and export data, as they could influence wheat pricing and trading strategies in the near term.
Source: nasdaq.com