The wheat complex experienced significant midday weakness on Monday, with Chicago SRW contracts declining by 7 to 8 cents. Kansas City (KC) HRW futures fell by 1 to 4 cents, while Minneapolis (MPLS) spring wheat was down 2 cents for September contracts and 12 ¼ cents for July.
In the week ending June 25, the USDA reported wheat export shipments at 358,253 metric tons (13.16 million bushels), a decrease of 9.56% from the prior week and 24.83% lower compared to the same week last year. Major export destinations included South Korea (79,069 MT), Mexico (78,042 MT), and the Philippines (66,000 MT). Current wheat shipments for the marketing year total 1.333 million MT (48.98 million bushels), up 0.86% year-over-year.
In related developments, a South Korean importer has issued a tender for 100,000 MT of wheat, with 50,000 MT specified from the U.S. and an offer deadline set for Tuesday. Additionally, a Bloomberg survey indicates that all wheat acres are expected to be reported at 43.8 million acres in the annual June Acreage report, with spring wheat at 9.5 million acres and durum at 2 million acres.
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