Wheat Futures Decline as Harvest Progresses Ahead of Schedule

Wheat futures are declining on Tuesday, with Chicago SRW contracts down 5 to 8 cents. Kansas City HRW futures are trading lower, down 9 to 10 ½ cents in the front months.

The latest NASS Crop Progress report shows that 96% of US winter wheat has been harvested, ahead of the normal pace by 2%. Spring wheat harvest is also progressing well, with 41% complete and 1% above the 5-year average. However, spring wheat conditions have slipped in some states, including Montana and Washington.

European Commission data shows that soft wheat exports from the EU since July 1 have totaled 1.48 MMT, lagging behind last year's pace of 2.9 MMT. The current price of CBOT Wheat for September is $6.66 3/4, down 8 cents.