Wheat prices fell across multiple contracts in early trading on Tuesday, following declines in the previous session. Chicago SRW contracts closed down between 8 to 10 ¼ cents, with July contracts receiving 25 delivery notices. KC HRW futures dropped by 3 ¾ to 5 ¼ cents, and MPLS spring wheat fell 4 ½ to 6 ¾ cents, highlighting a significant downturn in wheat markets.
As of Sunday, 48% of the U.S. winter wheat crop has been harvested, which is 9% ahead of the average pace. The National Agricultural Statistics Service (NASS) reported that 26% of the crop was rated good/excellent, while 32% of the spring wheat crop has headed, trailing the five-year average. Wheat export inspections totaled 358,253 MT for the week ending June 25, down 9.56% from the prior week and 24.83% from the same week last year, with South Korea being the largest importer.
In terms of acreage, the upcoming June Acreage report is expected to reveal a total of 43.8 million wheat acres planted, including 9.5 million acres of spring wheat. Additionally, a South Korean mill importer purchased 100,000 MT of U.S. wheat in a recent tender.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
