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By 1 pm US Eastern time, the Chicago soft red winter (SRW) July futures contract on the Chicago Board of Trade increased by 5.75 cents per bushel, moving up to $5.95 per bu and the September contract moved up by 3.50 cents per bu to $6.04 per bu.
The Kansas hard red winter (HRW) July futures contract fell by 6.75 cents per bu to $6.33 per bu and the September contract moved down by 4.75 cents per bu to $6.40 per bu.
The Minneapolis hard red spring July futures contract shifted down by 1.25 cents per bu to $6.14 per bu and the September contract was down by 2.25 cents per bu to $6.37 per bu.
Euronext wheat futures were higher, with September 2026 up by €2.75 per tonne to €202.50 ($235.06) per tonne, while December 2026 was up by €2.75 per tonne to €208.75 per tonne.
In the cash markets, Algeria’s state grain importer OAIC has launched an international tender to buy a nominal 50,000 tonnes of optional-origin soft milling wheat for August 1-31 shipment, set to close on Thursday June 18. Given the shipment period, it is expected to be sourced from the Black Sea origins, as it might be a new crop, which is currently on a slow price decline.
In Australia the market remained quiet, with price levels seeming steady and offers for Australian premium white (APW) at $303 per tonne CFR Vietnam for July-August shipment.
Meanwhile, the Black Sea 11.5% wheat offers remained around $280 per tonne CFR South East Asia for July-August shipment, but no firm buying ideas, as buyers are in a waiting-for-decline mood.
Black Sea wheat prices in Russia and Ukraine appear to have started their seasonal decline, although the move has been delayed compared with typical years.
The number of new crop offers is increasing while demand remains relatively limited, suggesting further downside pressure on prices.
Selling indications for Russian 12.5% wheat were reported at $237-240 per tonne FOB Novorossiysk-Taman-Tuapse (NTT) for loading in July-August, against bids at $235 per tone FOB NTT for August.
Selling ideas for Russian 11.5% wheat for July were heard at $240 per tonne FOB NTT.
Trade sources suggested that wheat prices could decline toward $230 per tonne as harvest pressure builds, pointing to last season as an example of how quickly the market can move. In May and early June 2025, while old-crop Russian wheat was still trading around $240-248 per tonne, new-crop July shipment cargoes were being offered and sold at just $220-225 per tonne FOB as buyers anticipated heavy harvest supplies.
But those lower prices proved short-lived. By July, as harvest progressed and demand improved, the market had rebounded to $240-245 per tonne, leaving buyers who secured coverage at the harvest lows with profitable positions.
Along with that, the concerns were heard in Russia regarding the fuel supply shortage, and while trade sources said that most probably it won’t affect the pace of the export, it might push up the price for the fuel, which might be counted into the price. But again, most likely that won’t affect the FOB or CIF prices, given there is global market and competition.
Offers for Ukrainian 11.5% wheat were reported at $233-237 per tonne FOB Pivdennyi-Odesa-Chornomorsk (POC) for July-August loading, while a trade was heard signed for September loading 11.5% at just above $230 per tonne FOB, also highlighting the expectation for lower prices.
A Ukrainian feed wheat was offer was heard slightly down on Tuesday at $229-230 per tonne for loading in August.
In the EU Black Sea region, the outlook for the new wheat crop remains generally positive, with yields expected to be close to last year’s levels, albeit potentially slightly lower. But it is still too early to assess quality, as large-scale harvesting has not yet begun and the campaign appears to be running later than in recent years.
More active harvesting is expected toward the end of June and into early July, although weather remains a key factor. Continued rainfall could delay fieldwork, while precipitation during harvest may negatively affect quality indicators, particularly hectolitre weight.
On the commercial side, the recent decline in prices has largely sidelined sellers, with little farmer selling interest reported so far. Market participants are also watching upcoming international tenders, including Algeria’s purchase tender, for further direction.
Offers on an FOB Constanta basis for 12.5% wheat were heard at $240-242 per tonne for July-August, with bids at €1-2 per tonne below the September Euronext wheat contract for August-September.
Some offers for November loading dates were $1 per tonne lower day on day at $248 per tonne FOB CVB.
Selling ideas for 11.5% wheat on an FOB CVB basis were seen at $235-241 per tonne for July-August loading, against bids at €3 per tonne below the September Euronext wheat contract for August.
Some September loading bids were seen at $231-232 around per tonne FOB CVB.
Offers for new crop Feed wheat on an FOB CVB basis were reported at $231 for July-August loading.
European wheat markets were quiet on Tuesday June 16, with limited physical trading activity reported across key origins despite a firmer tone in International Futures Market of France (MATIF) futures.
September MATIF wheat traded in the green, offering some support to flat prices, but failed to translate into improved spot liquidity, with participants describing a slow and uneventful session.
Demand remained largely absent at current levels.
“I don’t see anything — it’s too expensive until captive wakes up,” one trader said, pointing to a lack of buying interest in nearby positions. Another source added: “Here no, not front now.”
Most participants said the market’s focus had shifted to the new crop, with the old-crop trade remaining minimal and overall sentiment subdued as players await fresh direction.
French 11% protein wheat was assessed at a discount of €0 per tonne to the September contract for August loading.Polish 12.5% wheat cargo premiums were assessed at a discount of €2.5 per tonne to the December Euronext wheat contract for August loading.Baltic FOB 12.5% wheat cargo premiums were assessed at a discount of €4.5 per tonne to the December Euronext wheat contract for August loading.The German 12.5% FOB wheat APM for August loading was assessed at €2 per tonne below the December Euronext contract due to a lack of fresh indications. No data was excluded.
The German 11.5% FOB wheat APM for August loading was assessed at €4 per tonne below the December Euronext contract due to a lack of fresh indications. No data was excluded.
The 11% FOB US Gulf HRW premiums were higher, with August at $1.40 per bu over the September Kansas HRW futures contract and September at $1.50 per bu over the same contract.
The 10.5% FOB US Gulf SRW premiums were unchanged, with August at 60 cents per bu over the September Chicago SRW futures contract and September at 70 cents per bu over the same contract.
The 10% FOB Pacific Northwest soft white wheat market was steady, with August at $245 per tonne and September at $244 per tonne.
Canadian western red spring 13.5% FOB Vancouver front-month premiums were unchanged, with both August and September at 93 cents per bu over the September Minneapolis Grain Exchange (MGEX) futures.
Canadian durum prices were steady, with 14.5% cargoes at $270 per tonne FOB Vancouver and $290 per tonne FOB St Lawrence.
Market activity was muted on Monday in Argentina due to a local holiday and remained subdued on Tuesday, with limited fresh indications. Market participants focused mainly on weather expectations and geopolitical developments in the Middle East, as crude oil continues its downward trend, with potential impacts on cash market prices.