**Wheat Trading Update – July 26, 2023**
Wheat trading faced pressure on July 26, with Chicago SRW futures closing down 4 to 11 cents as crude oil prices dropped $5 per barrel. The USDA reported wheat export shipments at 368,455 metric tons (13.54 million bushels) for the week ending May 21, marking a 55.89% increase from the previous week but down 34.55% year-over-year. The top export destinations included Japan (73,894 MT), Mexico (68,058 MT), and the Dominican Republic (59,059 MT).
In crop progress, 89% of the U.S. spring wheat crop is now planted, surpassing the 5-year average of 79%, with emergence at 56%. Winter wheat is 78% headed, exceeding normal by 8 percentage points, while condition ratings decreased to 26% good/excellent. A South Korean flour mill purchased 100,000 MT of wheat from the U.S. and Canada, indicating robust international demand.
As of the latest trading data, the July 26 Chicago Board of Trade wheat closed at $6.35 ½ per bushel, down 10 ¾ cents; Kansas City HRW wheat closed at $6.76 ¼, down 5 ¾ cents; and Minneapolis spring wheat closed at $6.92 ¾, up 2 ¼ cents.
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