Wheat prices saw a significant drop on June 19, 2023, with Chicago Board of Trade (CBOT) wheat down 14-15 cents, Kansas City Hard Red Winter (KCBT) down 13-14 cents, and Minneapolis Spring (MGEX) down 11-13 cents. The Export Inspections report indicated a total of 254,782 metric tons (MT) of wheat shipped, a decrease of 34.44% from the previous week and 26.08% lower than this time last year.
USDA’s weekly crop progress update reported that winter wheat is 96% headed, with only 19% of the harvest complete—significantly behind the 28% average. Current condition ratings stand at 49% good/excellent, down 3% from the prior week, while spring wheat is trailing at 17% headed, lagging the average pace. In contrast, Russia’s wheat crop is projected to reach 84.8 million metric tons (MMT), an increase of 4.5 MMT from earlier estimates.
