Wheat Market Opens Week with Sharp Losses

The wheat market started the new week on a sour note, with significant losses reported on Monday.

The winter wheats had reached three-year highs over the weekend, but it appears to be short-lived as Chicago SRW contracts dropped by $0.24 ¼ to $0.24 ½ cents across the board.

This decline was also seen in Kansas City HRW futures, which saw gains of $0.10 to $0.24 ¼ cents in the front months. September's contract price increased by $0.71 ½ since last Friday.

The export sales data for the current marketing year shows wheat sales at 8.342 million metric tons (MMT), a decline of 31% from the same week last year.