Wheat futures contracts traded lower on the day across the three primary exchanges. Chicago SRW contracts fell between 7 and 11 cents, while Kansas City HRW futures declined 8 to 15 1/4 cents. Minneapolis spring wheat contracts dropped 10 to 12 3/4 cents. Open interest increased by 15,741 contracts, indicating new selling activity.
September and December CBOT wheat contracts closed at $6.30 1/4 and $6.48 1/4 respectively, each down roughly 10-11 cents for the session. Kansas City contracts finished lower as well, with September KCBT wheat at $6.99 1/4 and December at $7.16. Minneapolis wheat contracts also posted declines, closing at $6.59 1/4 for September and $6.85 1/2 for December. Despite intraday weakness, most contract months showed recovery gains of 11 to 21 1/2 cents from their lowest points.
Market participants awaited updated production data from NASS scheduled for release later in the session via the monthly Crop Production report. Reuters-surveyed analysts projected total wheat production at 1.525 billion bushels, representing an 11 million bushel reduction from the prior month’s estimate. Winter wheat estimates came in at 981 million bushels, down 9 million bushels, while spring wheat was expected at 468 million bushels, down 7 million bushels. Ending stocks projections stood at 715 million bushels, a 7 million bushel decline from the preceding month.
International supply dynamics also influenced market sentiment. Ukrainian drone strikes on Russia’s Novorossiysk port overnight resulted in operational halts at the country’s largest port facility. European Union soft wheat exports from July 1 through August 9 totaled 1.01 million metric tons, marking a significant decrease from 2.36 million metric tons recorded during the corresponding period the previous year.
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