Wheat Futures Plummet Overnight Amid Russia's Shipping Protocols

Russia's efforts to protect its grain shipments have led to a decline in wheat futures overnight.

The country, the world's largest exporter of wheat, is expected to ship 46 million metric tons of the grain this year, according to the USDA. The export inspections for wheat and corn fell in the seven days ending on August 20, with wheat assessments dropping to 425,668 metric tons from 514,363 tons the previous week.

The U.S. spring harvest is also underway, with about 62% of the spring crop in the bin as of Sunday, up from 41% a week earlier and the prior five-year average of 52%. The price of wheat futures for December delivery dropped 9 3/4¢ to $6.89 3/4 a bushel.