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Matthew Lucas at Total Farm Marketing said, “The wheat complex is higher across the board this morning as the market searches for support following the recent pullback. Looking at July contracts, Chicago wheat is up 1-3/4 cents at $6.49-1/4, Kansas City is 2-3/4 cents higher at $6.89-3/4, and Minneapolis spring wheat is up 2-3/4 cents at $6.93.” Joe Barker at CHS Hedging said, “SovEcon is expecting Ukraine wheat exports to increase to 21.2 MMT, which will be up 60% year over year if achieved. They are citing the unusually high carryout from the 25/26 marketing year and a positive outlook for this year’s crop.”
