Wheat Prices Decline on Tuesday Amid Market Volatility

Wheat prices experienced declines across multiple contracts and exchanges today, with losses ranging from 3 to 5 cents per bushel. Chicago Soft Red Winter (SRW) contracts saw fractional decreases, while Kearney/Hayward (KCBT) and Minneapolis (MPLS) spring wheat contracts also fell within this range. Open interest increased by 6,116 contracts on Monday, but Kansas City HRW futures dropped 4¼ to 10 cents, accompanied by a 2,160-contract decrease in open interest. Thirty delivery notices were recorded for July contracts overnight.

USDA’s NASS Crop Progress data indicates 67% of the U.S. winter wheat crop has been harvested by Sunday, exceeding normal levels by 6 percentage points. The spring wheat crop stood at 72% headed, matching the five-year average. Spring wheat conditions improved to 58% good/excellent, up 1 percentage point from previous reports, though the Brugler500 index declined 3 points to 351.

USDA’s Foreign Grain Inspection Service (FGIS) reported wheat exports totaling 373,611 metric tons (13.73 million bushels) for the week ending July 9. This reflected a 15.97% decline compared to the same period last year, though it was higher than the prior week. Mexico remained the top destination with 114,945 MT, followed by the Philippines (79,127 MT) and Japan (62,220 MT). Marketing year exports for 2025/26 are now projected at 1.893 MMT (69.54 million bushels), a 17.32% decrease year-over-year.

Key futures contracts closed as follows: Sept 26 CBOT Wheat at $6.35¼ (down 5 cents), currently $12 cents below the previous close. Dec 26 CBOT Wheat settled at $6.50½ (down 4 cents), currently 4½ cents lower. Sept 26 KCBT Wheat closed at $6.66¼ (down 10 cents), while Dec 26 KCBT Wheat finished at $6.81¼ (down 9 cents). MIAX Sept 26 Wheat was $6.53¼ (up ¾ cent), and Dec 26 MIAX Wheat closed at $6.74¼, currently 3½ cents down.

Source link