On Monday, the wheat market experienced mostly weaker trade, with Chicago SRW contracts closing down 1 ¼ cents to up 1 ¼ cents for nearby contracts. KC HRW futures fell by 3 to 5 ¾ cents, while MPLS spring wheat decreased by 2 ¾ to 4 ½ cents. The latest NASS Crop Progress report indicated that 62% of the U.S. spring wheat crop had been harvested by Sunday, 10% ahead of the typical pace and a 21% increase over the previous week.
Wheat shipments reported in Monday’s weekly Export Inspections totaled 425,668 metric tons (15.64 million bushels) for the week of August 20. This figure represents a 17.24% decrease from the previous week and is 59.35% lower than the same week last year. The Philippines was the top destination at 117,217 MT, followed by South Korea at 78,033 MT and Japan at 72,335 MT. Year-to-date shipments now stand at 4.337 MMT (159.3 million bushels), a decline of 26.07% from the same timeframe last year.
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