The wheat market exhibited mixed results on Monday, with winter wheats increasing in value while spring wheat prices declined. Chicago SRW contracts registered fractional gains up to 4 cents, while KC HRW futures experienced modest increases. In contrast, MPLS spring wheat fell by 1 ¼ to 9 ½ cents across most contracts.
As of August 6, 91% of the US winter wheat crop has been harvested, in line with the typical pace, while 24% of the spring wheat crop is harvested, ahead of the 19% 5-year average. Weekly Export Inspections noted wheat shipments at 421,277 MT, reflecting a 24.36% increase from the previous week. Japan led as the primary destination, receiving 81,506 MT.
Looking ahead, the NASS is set to release updated wheat production data on Wednesday, with analysts predicting a decrease to 1.525 billion bushels from July estimates. Ukrainian wheat export forecasts have been revised down to 13.5 MMT for the 2026/27 marketing year.
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