The wheat complex fell double digits across most contracts on Friday. Crude Oil was a pressure factor, down $1.14/bbl, money was flowing out ahead of the weekend, with the President looking over the proposed agreement between the US and Iran. Chicago SRW futures were down 10 to 13 cents in most contracts, with July down 35 ¾ cents this week. KC HRW futures were 12 to 15 1/2 cents in the red, as July fell 32 ¾ cents on the week. MPLS spring wheat is down 12 to 13 1/2 cents on the session, with July falling 25 ¾ cents since last Friday
USDA released Export Sales data this morning, showing a total of 807,348 MT in net cancellations for old crop, a MY low. Some of that was likely rolled to 2026/27, as Japan saw net reductions of 171,600 MT, with 108,500 MT cancelled for Panama and 103,300 MT cancelled for Mexico. New crop business was tallied at 1.058 MMT, a MY high and 48.66% above the same week last year. Japan was the top buyer of 252,100 MT, with 166,900 MT purchased by the Philippines, and 125,600 MT sold to Mexico.
