Wheat prices showed early losses on Tuesday, with declines ranging from 3 to 9 cents. Chicago SRW contracts fell by 11 to 18 cents, while KC HRW futures closed down between 10 and 16.25 cents. Open interest in Chicago decreased by 866 contracts, although it increased by 4,351 contracts for KC HRW futures.
As of Sunday, the USDA reported that 81% of the US winter wheat crop has been harvested, 2% ahead of the normal rate. The spring wheat crop is 92% headed, slightly behind the 5-year average, with only 2% harvested and steady conditions at 53% good/excellent.
Export inspections for the week of July 23 indicated wheat shipments of 394,785 metric tons, marking a 71.82% increase from the prior week and 36.01% above the same week in the previous year. The current marketing year total is 2.543 million metric tons, down 23.21% from last year.
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