Wheat futures retreat Wednesday as Chicago July slips 9 3/4 cents to $5.99 1/2
AI Market Summary
Wheat futures weakened across CBOT, KCBT and spring wheat markets, reflecting near-term bearish positioning ahead of key USDA releases. Attention is on Thursday's export sales report (expected 250k–600k MT) and Friday's Crop Production update, where analysts anticipate lower total and winter wheat output versus last month. SovEcon's slight cut to 2026/27 production adds to supply-side uncertainty but did not prevent the midweek selloff.
Impact level
● Medium
Affected assets
NCCOWHEAT2USD/USDT-1.47%
AI Insight · NCCOWHEAT2USD/USDTAI Insight
▼ Bearish
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Wheat futures fell across U.S. markets on Wednesday, led by a 9 3/4-cent drop in the CBOT July contract to $5.99 1/2 per bushel and a 7 1/2-cent decline in the KCBT September contract to $6.45 1/4. Attention is on USDA weekly Export Sales data due Thursday morning, with analysts looking for 250,000 to 600,000 MT of 2026/27 wheat sales for the week of July 2. Traders are also watching Friday’s Crop Production update, with a Bloomberg poll projecting all-wheat output at 1.527 bbu, down 17 mbu from last month. SovEcon trimmed its 2026/27 wheat production estimate by 0.2 MMT to 46.5 MMT.
