Wheat futures experienced slight declines at the start of trading on Tuesday, with spring wheat seeing more significant losses. Chicago SRW futures fell by 13 to 14 cents, while KC HRW futures were down 3 to 4 cents. Open interest showed 9,348 long contracts exited. In contrast, MPLS spring wheat gained 3 cents in the front months. President Trump indicated the ongoing conflict might be close to resolution, contributing to the price changes.
In the week ending March 5, U.S. wheat exports reached 496,108 MT (18.23 million bushels), a 39.94% increase from the previous week and more than double the volume shipped in the same week last year, with China being the largest destination at 198,942 MT. The total wheat shipped since the marketing year began on June 1 is now 19.12 MMT (702.7 million bushels), up 20.2% year-over-year.
Upcoming USDA WASDE data is expected to report U.S. wheat stocks at 926 million bushels, down 5 million from last month. Additionally, Kansas state crop reports indicated that winter wheat conditions have declined to 56% good/excellent, a decrease of 2 percentage points.
