Wheat Prices Close Mixed with Winter Wheats Declining
On Wednesday, wheat prices closed mixed as winter wheats declined while spring wheat rose. Chicago SRW contracts fell between 2 to 9¼ cents per bushel, and KC HRW futures dropped by up to 11 cents in most contracts. In contrast, Minneapolis spring wheat was the strongest performer, rising between 4¼ to 5¼ cents across its contracts. The market reacted to overnight news that Russia suspended export duties on grain through year-end, potentially increasing global supply and affecting prices. Traders are also anticipating Thursday's Export Sales data report for further insight into demand trends in wheat markets. Key price movements included the September CBOT Wheat closing at $7.54 3/4 (down 9¼ cents), December CBOT Wheat at $7.74 (down 8½ cents), and Minneapolis spring wheat rising to $7.60 ¾ for September contracts.
