Wheat prices are experiencing losses across most contracts as of Tuesday, with Chicago SRW futures down 7 to 9 cents and Kansas City HRW contracts down 10 to 11 cents. Minneapolis spring wheat futures saw declines of 8 to 10 cents. The July 25 closing prices were $5.34 1/2 for CBOT Wheat, $5.27 1/4 for KCBT Wheat, and $6.13 1/4 for MGEX Wheat.
A Bloomberg survey anticipates U.S. wheat production to rise by 3 million bushels to 1.924 billion bushels ahead of Thursday’s crop progress report. The winter wheat crop is expected to contribute significantly, increasing by nearly 8 million bushels to 1.389 billion bushels. Current crop ratings show 4% of the winter wheat crop harvested by Sunday, lagging behind the 5-year average of 7%.
EU soft wheat exports have reached 19.49 million metric tons from July 1 to June 8, significantly lower than last year’s total of 29.23 million metric tons for the same period.
