US Wheat Market Posts Gains Amid Ongoing Black Sea Tensions
The US wheat market saw gains on Monday as tensions in the Black Sea region failed to ease over the weekend.
All three exchanges - Chicago SRW, KC HRW futures, and MPLS spring wheat - reported higher prices, with Chicago SRW seeing gains of 5 ¾ to 12 ¾ cents across the board.
The recent NASS Crop Progress report showed that 96% of US spring wheat had been harvested by Sunday, in line with average pace. However, the winter wheat crop was lagging behind the 5-year average for planting pace by 4 percentage points at 17% complete, with emergence at just 2%.
The Export Inspections report revealed that wheat shipments were down 29.12% from the previous week and more than a third of the same period last year, with Mexico being the largest destination at 98,954 MT.