The wheat market is continuing the slide that began on July 3 in the Chicago market, apparently bent on re-testing the May low ($5.21 ¼ Sept). At midday, CBT prices are 8 cents per bushel lower. KC contracts are around 5 lower, and MPLS spring wheat is down mostly 4 to 4 ¼ cents. A stronger US dollar index is doing the market no favors as Northern Hemisphere harvest supplies are becoming widely available
USDA released their Export Sales report this morning, with traders looking for 2025/26 wheat bookings in a range of 300,000 to 700,000 MT. Net sales were comfortably within the range of trade estimates at 494,400 MT. Mexico and Venezuela were the leading destinations.
