Wheat Falling Back on Tuesday

Wheat is showing 3 to 5 cent losses across most contracts. The wheat complex was lower across the three exchanges. Chicago SRW contracts were fractionally to 5 cents lower on the day. Open interest was up 6,116 contracts on Monday. KC HRW futures were down 4 ¼ to 10 cents at the close. OI dropped 2,160 contracts on Monday. There were 30 delivery notices against July overnight.  MPLS spring wheat was steady to 4 ¾ cents lower, with September up ¾ cent. July futures expire on Tuesday.

NASS Crop Progress data showed 67% of the US winter wheat crop harvested by Sunday, 6% ahead of normal. The spring wheat crop was 72% headed, in line with the 5-year average pace. Spring wheat conditions were 58% gd/ex, up 1%, with the Brugler500 index 3 points lower to 351.

USDA’s FGIS tallied wheat export shipments at 373,611 MT (13.73 mbu) during the week ending on July 9. That was up well above the week prior but 15.97% below the same week last year. Mexico was the top destination of 114,945 MT, with 79,127 MT headed to the Philippines and 62,220 MT to Japan. Marketing year exports for 2025/26 are 1.893 MMT (69.54 mbu), which is now 17.32% below the same period last year.

Sep 26 CBOT Wheat  closed at $6.35 1/4, down 5 cents, currently down 12 cents

Dec 26 CBOT Wheat  closed at $6.50 1/2, down 4 cents, currently down 4 1/2 cents

Sep 26 KCBT Wheat  closed at $6.66 1/4, down 10 cents, currently unch

Dec 26 KCBT Wheat  closed at $6.81 1/4, down 9 cents, currently down 4 3/4 cents

Sep 26 MIAX Wheat  closed at $6.53 1/4, up 3/4 cent, currently unch

Dec 26 MIAX Wheat  closed at $6.74 1/4, unch, currently down 3 1/2 cents