Wheat Prices Surge Amid Russian Export Concerns

On Friday, wheat contracts rallied with theڭ majority posting double‑digit gains. Chicago SRW rose between 19 and 23½ cents by mid‑day. Two overnight deliveries were allocated to CBOT wheat, with 53 contracts earmarked for July Kansas City (KC) wheat. KC HRW futures were up 22‑23 cents, and MPLS spring wheat traded 12‑13 cents higher during the session.

The climb followed reports that Russia may curb wheat exports via the Sea of Azov, a corridor responsible for

roughly a quarter of the country’s wheat shipments.

Morning crop‑production figures showed a modest dip of 7 million bushels, bringing total U.S. wheat output to 1.536 billion bushels. Winter wheat production fell 40 million bushels to 990 million, while spring wheat reached 475 million, slightly above forecasts. The USDA World Agricultural Supply and Demand Estimates (WASDE) noted U.S. carry‑for‑next year at 22 million bushels, a decline from the 29 million reported last month, driven by higher harvest άρθ

USDA’s WASDE also reported global wheat stocks down 2.78 million metric tonnes to 272.84 million. The reduction was largely attributed to declines in the United States, Argentina ( –0.5 MMT), Canada ( –0.42 MMT), and the European Union ( –0.3 MMT). FranceAgriMer cut France’s wheat crop rating by 3 percentage points to 65 % grain‑to‑dry, with 29 % of the harvest estimated complete.

Price levels:
July 26 CBOT Wheat – $6.34 ¾, up 23½ cents.
September 26 CBOT Wheat – $6.39, up 19¼ cents.
July 26 KCBT Wheat – $6.65, up 22¾ cents.
September 26 KCBT Wheat – $6.76 ½, up 22¼ cents.
July 26 MIAX Wheat – $6.03, unchanged.
September 26 MIAX Wheat – $6.51, up 12 cents.

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