The wheat market experienced declines on Monday, with Chicago SRW wheat falling by 8 to 9 cents, KC HRW contracts losing 8 to 10 cents, and MPLS spring wheat decreasing by 9 to 10 cents. According to USDA’s Crop Progress data, the US winter wheat crop is 53% harvested, which is in line with the average, while spring wheat is 61% headed, surpassing the 58% average. However, spring wheat conditions dropped to 48% rated good/excellent.
Export Inspections data indicated that 436,628 metric tons of wheat were shipped in the week ending July 3, marking an 8.38% decline from the prior week but a 27.16% increase from the same week last year. Mexico was the top destination with 71,753 MT, and various trade negotiations include a memorandum of understanding with Indonesia for the purchase of 1 million metric tons of wheat per year from 2026-2030.
Furthermore, President Trump announced a tariff increase on Indonesian goods to 32% effective August 1, with South Korean and Japanese goods seeing a rise to 25%. The delayed Commitment of Traders report revealed a decrease of 1,596 contracts in the Chicago Spec Fund’s net short position by July 1, totaling 63,071 contracts.
