Wheat futures closed mostly higher on Thursday, supported by late session buying. Chicago SRW contracts rose 4½ to 5½ cents, while KC HRW futures gained 3 to 5 cents in most contracts. MPLS spring wheat was mixed, with nearby July up 3 cents and other contracts down 1¼ to 3¼ cents. USDA reported weekly export sales of 504,489 metric tons, up 25.86% from the prior week and nearly double the same week last year, with Mexico buying 204,400 metric tons and Japan purchasing 118,700 metric tons. The International Grains Council raised its 2026/27 world wheat production estimate by 1 million metric tons to 821 million metric tons, while trimming new crop stocks by 2 million metric tons to 280 million metric tons. European Commission data showed EU wheat stocks for 2026/27 projected at 13.8 million metric tons, down 0.3 million metric tons from last month, with production cut by 0.6 million metric tons to 126.3 million metric tons.
Weekly export sales up 25.86% from prior week and nearly double last year, with large purchases by Mexico and Japan.
Weekly export sales up 25.86% from prior week and nearly double last year, with large purchases by Mexico and Japan.