Wheat futures showed mixed results on September 24, with Chicago SRW futures increasing by 1 to 2 cents, while KC HRW and MPLS spring wheat saw decreases of 1.75 cents and 7 cents, respectively. NASS reported that the spring wheat crop is 85% harvested, surpassing the 83% average, while the winter wheat crop is 6% planted, matching the 5-year average.
USDA’s Export Inspections indicated a decline in wheat stocks to 586,687 MT, down 2.65% from the previous week but up 44.15% from the same time in 2023. Year-to-date shipments have increased by 33.55%, totaling 6.35 MMT. The top destinations included Mexico (146,961 MT) and Taiwan (90,711 MT).
As of July 31, Canadian wheat stocks were reported at 4.583 MMT, 18.5% lower than the previous year. IKAR consultancy revised Russia’s crop production estimates for the 2024/25 wheat crop down by 1.6 MMT to 82.2 MMT.
