The wheat complex closed the midweek session with weakness across all three exchanges. Chicago wheat contracts were own 8 ¼ to 9 ½ cents on the day. Kansas City futures were down 11 to 15 ½ cents at the close to lead the charge to the downside for the winter wheat contracts. MPLS spring wheat was down 6 to 16 ¼ cent across the board.

Forecasts for rain are sneaking into much of the Southern Plains over the next week, which have remained dry so far this spring. Additional pressure came from forecasts of rain in drier parts of the Russian growing regions. 

Traders are expecting Thursday morning’s Export sales report to show net cancellations of 100,000 MT to sales of 100,000 MT for old crop wheat as we enter the last month of the marketing year. New crop sales are estimated in a range of 200,000-600,000 MT. 

Egypt purchased 420,000 MT of wheat in their latest tender on Wednesday. Of that total, 360,000 MT was Russian origin, with 60,000 MT Romanian.

Jul 24 CBOT Wheat  closed at $6.34, down 8 3/4 cents,

Sep 24 CBOT Wheat  closed at $6.55, down 8 3/4 cents,

Jul 24 KCBT Wheat  closed at $6.48 1/2, down 15 1/2 cents,

Sep 24 KCBT Wheat  closed at $6.61 1/2, down 14 3/4 cents,

Jul 24 MGEX Wheat  closed at $7.02 3/4, down 16 1/4 cents,