Wednesday Wheat Prices Slip as Ratings Decline

On Wednesday morning, wheat futures continued to weaken, driven by further declines in crude oil, which fell another $5 per barrel. The wheat complex saw mixed trading, with winter wheat contracts under pressure. Chicago SRW futures fell 4 to 11 cents, and open interest rose by 5,187 contracts, indicating new short positions. Kansas City HRW futures were mixed, with front‑month contracts down 2.75 to 5.75 cents while deferred contracts rose. Minneapolis spring wheat rose modestly by one to four cents.

USDA’s Foreign Service attached reported wheat export shipments of 368,455 metric tons (13.54 million bushels) for the week ending May 21. This volume was 55.9% higher than the previous week but 34.6% lower than the same period last year. Japan received the largest shipment of 73,894 metric tons, followed by Mexico with 68,058 metric tons and the Dominican Republic with 59,059 metric tons. Since June 1, 2025, marketing‑year exports have reached 23.48 million metric tons (862.7 million bushels), representing a 10.2% increase over the comparable period last year.

Crop progress data indicated that 89% of the U.S. spring wheat area was planted, seven points above the five‑year average of 79%, with emergence at 56%. Winter wheat was 78% headed, eight points ahead of the normal rate. Condition ratings fell 1% to 26% good to excellent, and the Brugler500 index slipped three points to 268.

A South Korean flour mill purchased 100,000 metric tons of wheat from the United States and Canada in a joint tender executed overnight. The European Commission projects EU wheat production for the 2026/27 marketing year at 126.9 million metric tons, a decline of 0.4 million tons from its prior estimate. Stocks are anticipated at 14.1 million metric tons, down 0.5 million tons from the previous month. SovEcon estimates Russia’s 2026 wheat harvest at 90.3 million metric tons, an increase of 0.6 million tons from its earlier forecast.

July 26 CBOT wheat closed at $6.35½, down 10.75 cents, and is currently down 11.75 cents.

September 26 CBOT wheat closed at $6.48¼, down 11 cents, and remains down 11 cents.

July 26 KCBT wheat closed at $6.76¼, down 5.75 cents, and is currently down 8.75 cents.

September 26 KCBT wheat closed at $6.88, down 5.25 cents, and remains down 9 cents.

July 26 MIAX wheat closed at $6.92¾, up 2.25 cents, and is currently down 6.75 cents.

September 26 MIAX wheat closed at $7.14¼, up 4 cents, and is currently down 5.5 cents.

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