Wheat futures experienced declines on Tuesday morning, with Chicago SRW futures falling 16 to 17 cents, and Kansas City HRW futures dropping 13 to 14 cents. Open interest in Chicago was down by 1,004 contracts, while Kansas City’s increased by 1,419 contracts, indicating new selling interest. MPLS spring wheat saw a decrease of 10 to 12 cents at the close, while crude oil fell by $4.49.
Export inspections for wheat totaled 343,022 metric tons (12.6 million bushels) for the week ending March 2, marking a 31.2% drop from the previous week and a 30.81% decrease compared to the same week last year. Mexico was the top destination, receiving 79,566 MT, followed by the Philippines with 62,647 MT, and Bangladesh with 56,699 MT. Year-to-date shipments stand at 19.47 million metric tons (715.4 million bushels), an increase of 18.67% from the prior year.
The Kansas Crop Progress report indicated that winter wheat conditions have declined 4% to 52% rated as good/excellent, with the Brugler500 index falling 9 points to 339.
