On Monday, the wheat complex faced declines across all major exchanges, with Chicago SRW contracts falling by 8 to 10 1/4 cents. KC HRW futures decreased by 3 ¾ to 5 ¼ cents, and MPLS spring wheat dropped by 4 ½ to 6 3/4 cents. As of Sunday, 48% of the US winter wheat crop was harvested, which is 9% ahead of the average, while conditions remained steady at 26% good to excellent (gd/ex).
Export inspections for the week ending June 25 showed wheat shipments totaled 358,253 metric tons (MT), a 9.56% drop from the previous week and 24.83% lower compared to the same week last year. South Korea was the largest importer at 79,069 MT. The upcoming June Acreage report is set to reveal that all wheat acres are projected at 43.8 million, with spring wheat at 9.5 million acres.
A South Korean miller has tendered for 100,000 MT of wheat from the US and Australia, with offers due by Tuesday. Current estimates place the Russian wheat crop at 91.2 million metric tons, an increase of 2.5 million from earlier projections. As of July 26, CBOT Wheat closed at $5.69 1/2, down 8 3/4 cents.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
