Wheat prices declined at the start of the week due to larger-than-expected stocks, with Chicago SRW wheat down 2 to 4 cents, KC HRW contracts falling 7 to 10 cents, and MPLS spring wheat losing 5 to 8 cents. As of June 29, US winter wheat harvest stood at 37%, lagging 5% behind the average pace, with crop conditions reported at 48% good/excellent.
According to the USDA’s Grain Stocks report, total wheat stocks as of June 1 reached 850.5 million bushels, exceeding trade expectations and up 154 million bushels compared to last year. Wheat acreage was reported at 45.478 million acres, slightly above trade ideas, with winter wheat at 33.325 million acres and spring wheat at 10.045 million acres. Weekly wheat export shipments were recorded at 434,538 metric tons, marking a 70.49% increase from the previous week and 29.46% above the same week last year.
In market closes, July 25 CBOT Wheat reached $5.28 ¾ (up 4 cents), while September 25 closed at $5.38 ¼ (down 2 ½ cents). July 25 KCBT Wheat closed at $5.06 (down 10 cents), September 25 at $5.26 ¾ (down 7 cents), and July 25 MGEX Wheat at $6.03 (down 5 cents).
