Wheat Market Faces Pressure Amid Diplomatic Talks

The wheat market faced pressure on Tuesday, with losses across three exchanges. This comes after a mostly weaker trade on Monday, where only Chicago contracts posted higher prices. The SRW contracts closed deferred contracts 1 ¼ cents lower to 1 ¼ cents higher in the nearbys. Open interest was up 5,589 contracts. Meanwhile, KC HRW futures posted losses of 3 to 5 ¾ cents at the Monday close.

OI was down 2,781 contracts. MPLS spring wheat was down 2 ¾ to 4 ½ cents on the session. Ukraine's President Zelensky stated there will be a diplomatic track with Russia in regard to the Black Sea attack.

Last week's NASS Crop Progress report showed 62% of the US spring wheat crop harvested by Sunday, 10% ahead of the normal pace and a 21% jump on the week. Conditions were down 1% at 51% gd/ex, with the Brugler500 index back down 3 points to 341.

The weekly Export Inspections report showed wheat shipments of 425,668 MT (15.64 mbu) in the week of 8/20, a 17.24% decrease from the week prior and 59.35% below the same week last year. The Philippines was the largest destination of 117,217 MT.