“Prices were steady to $.06 lower in choppy 2-sided trade. Spreads were mixed and little changed. CGO July-26 traded to a fresh 3-week high before pulling back. KC July-26 has resistance at LW’s high of $6.63 while MIAX July-26 held within yesterday’s range. EU soft wheat exports as of April 19 at 19 mmt are up 8% YOY. Rusagrotrans reports Russian exports in April will likely reach 3.8 mmt, well above the 2.4 mmt shipped in April-25. SovEcon raised their Russian wheat production forecast 2.1 mmt to 89.7 mmt, however warned that a potential frost may threaten production yet this spring. Early ideas on U.S. winter wheat production is just below 1.20 bil. bu., which would be the lowest since 2022. Export sales are expected to range from 6-18 mil. bu. For HRW futures (KC) to test the $7.00 level would likely take production falling below 600 mil. bu. vs. 804 mil. YA,” stated Mark Soderberg with ADM Investor Services.