Wheat Falls as US Harvest Progress Outpaces Export Demand

The Chicago wheat market experienced a decline on Monday, September 14, while corn and soybean futures rose. The December CBOT soft red winter wheat contract dropped by 0.45% to $265.29/t.

Wheat's downward trend was attributed to the advancing US harvest progress and weaker export performance. By September 13, 93% of the spring wheat crop had been harvested, exceeding the average pace by one percentage point. However, winter wheat planting fell behind at 8% of the expected area, four percentage points below the five-year average.

The weekly wheat export inspections totaled 456.7 thousand tons, with cumulative shipments since the start of the season reaching 5.676 million tons, down 27.8% year on year. In contrast, corn benefited from strong export shipments, including 1.525 million tons in weekly US corn export inspections.

Soybean futures also ended the session higher, with the November contract rising to $13.04 per bushel. US soybean harvesting was ahead of schedule at 6% complete compared to the average pace, while 58% of the crop remained in good to excellent condition.