Wheat Futures Slump as US Harvest Advances and Exports Rise

The wheat futures market has been under pressure in early trading, following Monday's declines across the complex. US winter wheat harvest is now at 81% completion, two percentage points ahead of the typical pace. Spring wheat conditions remain steady at 53% good/excellent.

Weekly wheat export inspections have rebounded to 394,785 MT, a 71.82% increase from the previous week and 36.01% above the same week last year. Bangladesh, Japan, and Mexico were the top destinations for wheat exports during this period.

The SovEcon estimated Russian wheat exports at 44.6 MMT, down 1.9 MMT from its previous projection. The latest market snapshot shows key wheat futures contracts trading lower in early Tuesday dealings.