Wheat futures closed lower across all three U.S. markets on Wednesday. Chicago soft red winter wheat nearby contracts fell 1 to 3 3/4 cents, while Kansas City hard red winter wheat dropped 2 3/4 to 3 3/4 cents, and Minneapolis spring wheat settled 3 to 5 cents lower. Traders await Thursday's USDA export sales report, with expectations ranging from 225,000 to 550,000 metric tons for the 2024/25 marketing year and up to 50,000 metric tons for 2025/26. A South Korean impender issued a tender for 90,000 metric tons of wheat from the U.S. and Canada, including 50,000 metric tons specifically from the U.S. FranceAgriMer raised its forecast for French soft wheat exports within the European Union to 6.16 million metric tons, up 0.26 million from last month, while cutting its outlook for shipments outside the EU to 3.5 million metric tons, down 0.4 million.
Kansas City HRW wheat futures dropped 2.75-3.75 cents, reflecting broad market weakness.
Wheat futures declined across all three U.S. markets, with Chicago SRW down 1-3.75 cents.