On Monday, U.S. wheat markets experienced losses, with Chicago SRW wheat down 3 to 4 cents and KC HRW contracts declining 1 to 2 cents. MPLS spring wheat fell by 10 to 11 cents. The U.S. winter wheat crop is reported at 63% harvested, slightly below the 5-year average of 64%, while 78% of the Spring wheat crop is headed, exceeding the normal pace by 3%.
In the week of July 10, U.S. wheat export inspections totaled 438,533 metric tons (16.15 million bushels), marking a decrease of 15.84% from the previous week and 29.34% lower than the same week in 2022. Mexico was the top destination, receiving 162,639 metric tons. Overall marketing year shipments are down 3.04% year-over-year at 2.283 million metric tons (83.9 million bushels).
Wheat futures prices for July 25 CBOT wheat closed at $5.34, a decrease of 6.75 cents, while September 25 CBOT wheat closed at $5.41. Kansas City and Minneapolis wheat also saw minor fluctuations in their respective futures prices.
