On Monday, the wheat market experienced significant declines, with Chicago SRW futures dropping 11 to 12 cents and Kansas City HRW contracts falling by the same margin. Minneapolis spring wheat futures also reported losses of 10 to 12 cents at midday.
Wheat export inspections for the week of June 5 showed shipments totaling 290,957 MT (10.69 million bushels), a decline of 47.52% from the previous week and 17.55% from the same period last year. Notably, Mexico was the largest destination, receiving 87,242 MT, followed by Japan with shipments of 57,521 MT and 35,324 MT.
Additionally, Ukraine’s wheat production is estimated at 21.7 million metric tons, slightly lower than previous estimates, while Russia’s wheat crop is projected at 82.8 million metric tons, down 1.8 million metric tons from earlier predictions.
