Wheat Market Sees Mixed Results Amid Advanced Harvests and Higher Shipments

The US wheat market experienced mixed results on Monday, closing out the session with no significant changes. Chicago SRW contracts saw fractional price movements, while Kansas City HRW futures rose by a penny to 4 ¼ cents at the close.

MPLS spring wheat prices dropped by 1 ¼ cents in the front months. This week's NASS Crop Progress report showed that 96% of the US winter wheat crop had been harvested by Sunday, ahead of the normal pace. The spring wheat crop was also significantly advanced, with 41% harvested and conditions up 1% at 52% good to excellent.

The Brugler500 index rebounded 5 points to 344. Weekly Export Inspections data revealed that wheat shipments reached 493,401 MT (18.13 mbu) in the week of 8/13, a 1.54% increase from the previous week and 22.43% higher than the same period last year.

Japan was the largest recipient of wheat shipments at 142,358 MT, followed by Mexico at 114,636 MT and Indonesia with 75,437 MT. Total shipments for the marketing year are now 3.89 MMT (142.9 mbu) of wheat, which is 19.29% below the same period last year.