Mixed Trading in Wheat Market Amid Lagging Planting Pace

The wheat market is experiencing mixed trading on Tuesday, with some contracts rising and others falling. Chicago SRW futures are up 3 to 4 cents, while KC HRW futures are posting gains of 2 to 4 cents. In contrast, MPLS spring wheat futures are slipping by 3 to 4 cents.

According to the latest data from NASS, only 27% of winter wheat has been planted as of Sunday, which is a lagging pace compared to the 5-year average. Emergence was at 8%, indicating that the crop is behind schedule. This week's Crop Progress report will provide further insight into the state of the winter wheat crop.

In other news, NASS will release its quarterly Grain Stocks data on Wednesday, which is expected to show a drop in September 1 wheat stocks to 1.857 billion bushels. A South Korean importer has also issued a tender for 100,000 MT of wheat from the US, with a deadline of Wednesday.

The EU Commission has reported that EU Wheat exports have increased by 0.02 MMT compared to last year, reaching 6.81 MMT. However, EU wheat stocks are estimated to be up 0.1 MMT to 11.4 MMT due to unchanged production levels.