US wheat futures pushed lower again overnight. Ignoring the further deterioration of the US winter wheat crop, and instead concentrating on sowing progress for spring wheat and international values. Volume in the July slot was high with 69,341 (9.43mt) contracts changing hands, open interest is still over 33mt.

S.Korea picked up 100kt of wheat split between Canada and the USA overnight. There were also some additional purchases done around this business by private companies in S.Korea. The average trade value was said to be around US$269 C&F.
This appears to be very cheap, but drilling down into the grades purchased, and the prices paid for different grades, it indicates that current values were almost sustained. The HRWW portion of the sale going through at US$294 FOB, roughly US$4.00 lower that where some FOB estimates were. The spring wheat portion of the sale was also a little lower than FOB estimates. At US$301.56/t for 14% protein wheat is was around US$9.00 cheaper than expected.
At these values US / Canadian wheat is again competing with Black Sea wheat into Asia. If Russian wheat was to move higher, unlikely but possible given seller reluctance in Russia, it may be signalling a floor in international values.

A lot of the wires this morning are pointing to the weakness in crude oil spilling over into commodities. WTI crude futures were back US$5.21/b to US$88.68/b in the July slot. Brent crude oil was also lower, shedding US$5.29/b in the July slot to close at US$94.29/b.
Another bearish factor was the increase in the projected Russian wheat crop for 2026-27 to 90.3mt by private analyst SovEcon. I don’t doubt this prediction, a simple look at the spring rainfall their and one could quickly come to the same conclusion. Unless Russian acres are significantly lower than what they are expected to be. Their winter wheat has had all the opportunity it needed to produce a very good yield. 90mt+ is towards the large side historically.