Wheat futures showed mixed results on Monday, August 21, 2023. MPLS spring wheat experienced the largest decline, dropping between 5 to 6 cents, while Chicago SRW futures fell by 1 to 2 cents. In contrast, KC HRW wheat prices increased by 1 to 2 cents.
As of August 18, 96% of the US winter wheat harvest has been completed; however, the spring wheat harvest stands at 31%, trailing the average pace of 36%. Crop conditions improved slightly, with 73% rated good to excellent. The USDA reported a significant decline in wheat exports, with 347,519 MT shipped for the week ending August 15, marking a 47.88% decrease from the previous week but an 11.63% increase compared to the same week in the prior year.
As of the close, September 24 CBOT Wheat was priced at $5.28 1/4 (down 1 3/4 cents), while December 24 CBOT Wheat settled at $5.52 1/4 (down 1/4 cent). September 24 KCBT Wheat increased to $5.40 3/4 (up 1 cent), and September 24 MGEX Wheat ended at $5.87 1/4 (down 6 cents).
