Wheat is trading with continued weakness on Tuesday morning, down 3 to 8 cents. The wheat complex saw losses across all three markets on Monday. Chicago SRW futures were fractionally to 2 ¾ cents lower on the day. Open interest was up 3,242 contracts. KC HRW futures were 2 to 3 ½ cents in the red. OI rose 2,752 contracts. MPLS spring wheat is 10 to 13 cent lower.
NASS Crop Progress data tallied 87% of the US winter wheat crop as headed, 8% ahead of the average pace. Harvest was 5% complete, 2 percentage points faster than normal. Winter wheat conditions were steady at 26% good/excellent, with the Brugler500 index up 1 point to 269. The spring wheat crop was 94% planted, with 72% emerged, both 5% above the normal pace.
The first spring wheat rating of the year showed 47% of the crop in good/excellent condition, 3% below the same week last year. That was a 343 rating on the Brugler500 index, up 3 points from the same week last year.
Monday morning’s Export Inspections report showed wheat shipments of 402,346 MT (14.78 mbu) in the week of 5/28. That was up 5.94% from the week prior but 27.2% below same week last year. Mexico was the largest destination of 95,502 MT, with 85,802 MT shipped to South Korea and 71,335 MT to the Philippines. The marketing year total is now 23.893 MMT (877.93 mbu) of wheat shipped, which is 9.27% above the same period last year.
Australia’s ABARES estimates the country’s wheat crop for 2026/27 at 26.7 MMT, a drop fp 26% from last year if realized.
Jul 26 CBOT Wheat closed at $6.08 3/4, down 1 3/4 cents, currently down 4 1/2 cents
Sep 26 CBOT Wheat closed at $6.21 1/4, down 2 1/4 cents, currently down 4 1/2 cents
Jul 26 KCBT Wheat closed at $6.47, down 2 3/4 cents, currently down 8 cents
Sep 26 KCBT Wheat closed at $6.58 1/2, down 3 cents, currently down 7 1/4 cents
Jul 26 MIAX Wheat closed at $6.52, down 11 3/4 cents, currently down 4 1/4 cents
Sep 26 MIAX Wheat closed at $6.76 1/2, down 13 cents, currently down 3 cents
