Wheat Futures Hanging On to Most of Wednesday's Rally

Wheat futures extended much of Wednesday’s rally but slipped in midday trading, easing about 4 to 5 cents while still holding most gains. The move came amid expectations of possible restrictions on Russian wheat exports from the Black Sea. Chicago SRW contracts finished mostly 26 to 32 1/2 cents higher, while KC HRW climbed 23 3/4 to 42 cents; Minneapolis (MPLS) spring wheat was up 22 to 27 1/4 cents. Open interest increased, including gains of 8,088 and 6,479 contracts across Chicago and Kansas City. Weekly USDA Export Sales showed 235,102 MT sold for the week ending July 9, below pre-report expectations of 250,000 to 600,000 MT. Prices were lower later in the day: Sep 26 CBOT wheat at $6.72 1/4 and Dec 26 KCBT wheat at $7.27 3/4. The IGC kept world production unchanged at 821 MMT, affecting the broader outlook.