Wheat futures experienced mixed trading on Tuesday, with losses of 5 to 7 cents across three markets. On Monday, Chicago SRW contracts closed up by 10 to 12.25 cents, while KC HRW futures increased by 9.75 to 11.75 cents. Open interest rose by 6,606 contracts, indicating heightened long interest. The September 26 closing prices were $6.51 for CBOT, $7.17 for KCBT, and $6.95 for MIAX.
As of the week ending Sunday, 86% of the U.S. winter wheat crop has been harvested, meeting the typical pace. The spring wheat crop is 98% headed, 1% ahead of the five-year average, with 5% already harvested. Conditions improved, with 55% rated good/excellent. Meanwhile, U.S. wheat export inspections for the week of July 30 totaled 335,313 MT, a 19.68% decrease from the previous week and 27.36% lower than the same period last year.
In a recent purchase, a South Korean mill acquired 50,000 MT of U.S. wheat, while total wheat shipments for the marketing year reached 2.907 MMT. Additionally, quarterly data showed 222.28 million bushels of wheat ground for flour from April to June, only slightly down from last year.
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