Wheat Futures Fall Sharply as Export Sales Hit Marketing-Year Low
Wheat futures tumbled double digits on Friday, with Chicago SRW July down 35.75 cents for the week, pressured by falling crude oil and a USDA report showing net cancellations of 807,348 MT in old-crop export sales, a marketing-year low.
Wheat futures posted double-digit losses across most contracts on Friday, capping a bearish week for the grain complex. Chicago SRW futures fell 10 to 13 cents in most contracts, with July down 35.75 cents for the week. Kansas City HRW futures declined 12 to 15.5 cents, and MPLS spring wheat dropped 12 to 13.5 cents on the session, with July losing 25.75 cents since last Friday.
The selloff was driven by multiple headwinds. Crude oil fell $1.14 per barrel, reducing support from energy markets and weighing on overall commodity sentiment. Additionally, pre-weekend profit-taking and uncertainty over a proposed US-Iran agreement added to the bearish tone. The most significant fundamental pressure came from the USDA's weekly Export Sales report, which showed net cancellations of 807,348 metric tons for old crop — a marketing-year low. Some of those cancellations may have been rolled to 2026, but the data underscored weak demand for US wheat. Traders can monitor real-time price action on NowPrice's live commodities dashboard.
Looking ahead, the market will focus on weekly export inspections and crop condition reports from the USDA, as well as any developments in the US-Iran negotiations. The sharp drop in export sales raises questions about US wheat competitiveness against Black Sea and European suppliers. With July contracts at multi-week lows, traders will watch for potential support levels or further downside if demand continues to falter.