The wheat market saw notable declines on Monday, with Chicago SRW contracts dropping 11 to 18 cents, and KC HRW futures down 10 to 16 1/4 cents. MPLS spring wheat also fell, closing 1 ½ to 9 ¼ cents lower.
According to the latest NASS Crop Progress report, as of Sunday, 81% of the U.S. winter wheat crop had been harvested, which is 2% ahead of the average. The spring wheat crop is currently 92% headed, slightly behind the 5-year average, with only 2% harvested. Spring wheat conditions were steady at 53% rated good/excellent.
This week’s Export Inspections report indicated wheat shipments at 394,785 metric tons (14.51 million bushels), a 71.82% increase from the previous week and 36.01% higher than the same week last year. The total marketing year shipments stand at 2.543 million metric tons (93.4 million bushels), which is 23.21% lower than the same period last year.
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