Wheat futures are experiencing losses this Tuesday morning, with declines ranging from 3 to 5½ cents. The Chicago SRW contracts gained up to 4 cents on Monday, while Kansas City HRW futures mostly traded fractionally higher, despite a ½ cent drop for September. The latest NASS Crop Progress report indicates that 91% of the U.S. winter wheat crop has been harvested, aligning with the normal pace, while 24% of the spring wheat crop has been harvested, exceeding the five-year average of 19%.
In terms of export activity, Monday’s weekly Export Inspections report showed U.S. wheat shipments at 421,277 metric tons for the week ending August 6, a 24.36% increase from the previous week. Japan was the largest importer, receiving 81,506 metric tons. Current marketing year shipments total 3.332 million metric tons, down 24.56% from last year.
Analysts are predicting a decrease in U.S. wheat production, with the NASS expected to release updated figures on Wednesday. The estimates suggest a total production of 1.525 billion bushels, down 11 million bushels from July, while ending stocks are anticipated to fall to 715 million bushels, a decline of 7 million bushels month-over-month.
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