Wheat prices experienced losses across all three exchanges on Tuesday, following a weaker trade on Monday. Chicago SRW contracts fluctuated, closing with deferred contracts down 1 ¼ cents and nearbys slightly higher. Kansas City HRW futures fell between 3 and 5 ¾ cents, while Minneapolis spring wheat also decreased by 2 ¾ to 4 ½ cents.
According to the latest NASS Crop Progress report, 62% of the U.S. spring wheat crop has been harvested as of Sunday, which is 10% ahead of the average pace and a notable 21% increase from the previous week. Meanwhile, Monday’s Export Inspections report indicated wheat shipments totaled 425,668 metric tons (15.64 million bushels) in the week ending August 20, a decrease of 17.24% week-over-week and 59.35% year-over-year, with the Philippines being the largest destination at 117,217 metric tons.
As of September 26, CBOT wheat prices closed at $6.81 ¾ for September contracts and $6.99 ½ for December, marking current declines of 9 ½ and 9 ¾ cents, respectively. KC wheat closed at $7.50 ½ for September, down 5 ¾ cents, with December at $7.67 ¼, down 5 ¼ cents.
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