Wheat Futures Hold Steady Amid Month-End Pressure
Wheat futures were steady on Tuesday morning, barely moving from unchanged levels. Despite some losses, contracts remained within a few cents of their opening prices. The Chicago SRW market saw declines ranging from 3 ¾ to 10 ¼ cents, with prices still 15 to 18 cents above the session lows.
The Kansas City HRW futures were down by 1 ½ to 7 ½ cents in the front months, while deferred contracts rose by 1 to 11 cents. Open interest increased by 2,470 contracts, indicating some buying activity. There were 60 delivery notices for September KC wheat overnight.
The MPLS spring wheat market closed with prices down by 2 to 6 1/4 cents. Turkey's efforts to establish a Black Sea shipping corridor may help restore grain exports, which have been limited due to logistical issues. The US spring wheat crop is progressing ahead of schedule, with 77% harvested by Sunday, 9% faster than the normal pace.
The weekly Export Inspections report showed wheat shipments of 430,925 MT in the week of 8/27, below the previous week's volume but above last year's same-week total. The Philippines was the largest recipient of 131,831 MT, followed by Taiwan and Mexico. Shipments for the marketing year are now 4.777 MMT, down 28.4% compared to the same period last year.