Wheat is trading with slight losses on  the Thursday AM session. The wheat market faded lower on the Wednesday session, with contracts down across the three exchanges. Chicago SRW wheat was 7 to 8 cents lower on the day. KC HRW contracts closed with 10 to 11 cent losses. MPLS spring wheat was down 13 to 14 cents.

Export Sales data will be released this morning, with analysts estimating wheat sales to total 300,000 to 600,000 MT in the week that ended on 6/19.

USDA will release their quarterly Grain Stocks report on Monday, also the ending stocks for the 2024/25 wheat marketing year. Analysts estimate a total of 836 mbu of wheat on hand on June 1. 

Russia’s wheat crop is estimated to total 84.53 MMT this growing season, according to IKAR, which was up 0.7 MMT from the previous estimate. A South Korean mill tendered for 50,000 MT of US wheat overnight

Jul 25 CBOT Wheat  closed at $5.28 1/4, down 7 1/2 cents, currently down 2 3/4 cents

Sep 25 CBOT Wheat  closed at $5.44 1/2, down 7 1/2 cents, currently down 2 3/4 cents

Jul 25 KCBT Wheat  closed at $5.24 1/4, down 10 1/2 cents, currently down 3 3/4 cents

Sep 25 KCBT Wheat  closed at $5.39 1/4, down 10 1/2 cents, currently down 2 1/4 cents

Jul 25 MGEX Wheat  closed at $6.11 1/2, down 13 1/2 cents, currently down 5 cents

Sep 25 MGEX Wheat  closed at $6.28, down 13 3/4 cents, currently down 5 1/4 cents