Wheat trading experienced a downturn on Tuesday morning, with contracts falling 8 to 12 cents across three markets. Despite a strong performance on Monday, where Chicago SRW posted gains of up to 12.75 cents, current open interest decreased by 3,541 contracts. Kansas City HRW futures rose 4 to 10.75 cents and Minneapolis spring wheat gained up to 5.75 cents.
On the geopolitical front, attacks in the Black Sea region persist, including recent Russian strikes on a Ukrainian refinery. According to the latest NASS Crop Progress report, as of September 17, 96% of the US spring wheat crop has been harvested, consistent with the historical average. However, winter wheat planting is lagging behind the five-year average by 4 percentage points, currently at 17% completion.
In export data for the week ending September 17, US wheat shipments totaled 335,253 metric tons (12.32 million bushels), marking a 29.12% decline from the previous week. Mexico was the largest importer, receiving 98,954 metric tons, followed by Vietnam at 66,023 metric tons and the Philippines at 65,069 metric tons. Cumulatively, the marketing year total stands at 6.028 million metric tons (221.47 million bushels), which is 31.49% lower than the same period last year.
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