The wheat complex is experiencing month-end pressure as Chicago SRW contracts logged losses of 3 ¾ to 10 ¼ cents, closing at $7.56 1/2, down 10 1/2 cents. In total, 9 deliveries were recorded for September CBT wheat on first notice day, and 143 delivery notices were issued for September KC wheat. KC HRW futures fell between 1 ½ to 7 ½ cents, while MPLS spring wheat traded down 2 to 6 1/4 cents.
According to the weekly NASS Crop Progress report, 77% of the U.S. spring wheat crop has been harvested as of August 27, surpassing the normal pace by 9%. The weekly Export Inspections report indicated wheat shipments totaled 430,925 MT (15.83 mbu), which is 46.46% below the same week last year. Notably, the Philippines was the largest destination, receiving 131,831 MT.
Additionally, Turkey is advocating for a Black Sea shipping corridor to facilitate grain exports currently hampered by operational restrictions.
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