“Prices ranged from $.07 lower in CGO to $.04 higher in MGEX. July-25 CGO and KC closed into new lows for the month. The USDA held 2024/25 ending stocks unchanged at 841 mil. bu. 2025 all wheat production was also unchanged at 1.921 bil. No surprise, WW production was also unchanged at 1.382 bil. 2025/26 ending stocks were cut 25 mil. to 898 mil. on higher exports. Despite the reduction, stocks are still up for a third consecutive year. Global stocks for 2025/26 were cut 3 mmt to 262.8 mmt,” noted Mark Soderberg with ADM Investor Services.