The wheat market is experiencing losses on Tuesday, with Chicago SRW futures down 14-15 cents, KC HRW contracts dropping 14-15 cents, and MPLS spring wheat down 10-12 cents. Export inspections revealed that 347,321 metric tons (12.76 million bushels) of wheat were shipped in the week ending November 7, a significant increase of 68.8% from the previous week and 41.9% from the same week last year. Notably, 84,061 metric tons were sent to South Korea, while 57,655 metric tons went to the Philippines. Year-to-date shipments have reached 10.11 million metric tons (371.5 million bushels), up 28.8% compared to last year.
In global demand, Japan is seeking 114,403 metric tons of wheat from Australia, Canada, and the U.S., including 58,046 metric tons specifically from the U.S. Additionally, the French soft wheat crop is projected to be 25.56 million metric tons, a slight increase of 0.13 million metric tons from the previous month.
