Srw wheat futures remain supported by robust basis

SRW wheat futures remain supported by robust basis levels in Midwest cash markets. The spread to nearby contracts has widened, signaling heightened local demand conditions. Over the weekend President Trump announced a 30% tariff on the EU and Mexico starting on August 1. On Monday morning, Trump threatened Russian with secondary tariffs (on Russian trade partners) if there is no deal to end the Russian/Ukraine war in 50 days. Seasonality exists in most agricultural commodity markets. Prices tend to move in similar patterns at certain times of the year, as supply, demand, and uncertainty Market sentiment for SRW wheat futures remains cautiously bullish, with export inspections exceeding analyst estimates. A close above $6.35 could trigger momentum buying from algorithmic trading desks.