Wheat futures pulled back from early double-digit gains on Thursday after Ukraine proposed a truce with Russia to stop attacking civilian targets on the Black Sea, with Russia yet to respond. Chicago SRW contracts were up 2 to 3 cents at midday, KC HRW futures showed 1 to 3 cent gains, and MPLS spring wheat was steady to fractionally higher. Weekly export sales data showed net sales of 255,931 metric tons, in the middle of trade expectations for 200,000 to 500,000 metric tons, marking the second lowest total for the marketing year and down 64.59% from the same week last year. WASDE data tallied 2026/27 ending stocks at 717 million bushels, down 5 million bushels due to a production reduction, while world ending stocks rose by 0.41 million metric tons to 273.25 million metric tons. December CBOT wheat settled at $6.71 3/4, up 2 cents.
Same truce proposal affects KC HRW futures, with modest gains and uncertain outcome.
Ukraine proposes Black Sea truce, trimming gains; Russia yet to respond, leaving uncertainty.
