Wheat prices are facing downward pressure as of Tuesday morning, with mixed trading observed in the wheat complex on Monday. Chicago SRW contracts closed down 3 ¼ cents to up 4 ¼ cents. Kansas City HRW futures were mixed, with a decline of 6 cents for some contracts, while MPLS spring wheat decreased between 1 to 12 ½ cents by the close.
The NASS Crop Progress report indicates 93% of the U.S. spring wheat crop has been harvested, slightly ahead of the normal pace. However, winter wheat planting is lagging at only 8% complete, 4 percentage points behind the five-year average. In terms of export, U.S. wheat shipments for the week of September 10 totaled 456,720 metric tons, a decrease of 5.9% from the previous week and 39.78% lower than the same week last year, with Japan being the largest destination.
Looking ahead, French wheat production for 2026 is estimated at 31.7 million metric tons, while Ukrainian wheat production is projected at 25 million metric tons, a 2.4 million metric ton increase from prior estimates. For the current marketing year, wheat exports are anticipated to be 10.5 million metric tons.
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