Wheat Market Sees Mixed Trading Amid Rising Shipments and Upcoming Crop Data

The wheat market is experiencing mixed trading on Monday, with winter wheats posting gains and spring wheat futures declining. The Chicago SRW contracts are up 2 to 3 cents, while KC HRW futures are also higher by 1 to 3 cents at midday. However, MPLS spring wheat is down 5 to 8 cents in the front months.

The weekly Export Inspections report showed a significant increase in wheat shipments, with 421,277 MT (15.48 mbu) shipped in the week of August 6. This represents a 24.36% rise from the previous week and is 1.55% higher than the same period last year. Japan was the largest recipient, receiving 81,506 MT, followed by Mexico with 78,035 MT and the Philippines with 66,000 MT.

The shipments for the marketing year are now at 3.332 MMT (122.4 mbu) of wheat, which is 24.56% below the same period last year. The upcoming Crop Production report from NASS will provide updated production data for wheat on Wednesday, with analysts surveyed by Reuters predicting a 1.525 bbu harvest, an 11 mbu drop from July.

The US ending stocks are seen at 715 mbu, representing a 7 mbu decrease from last month. APK-Inform has cut their Ukrainian wheat export forecast to 13.5 MMT for 2026/27, with total grain exports expected to decline by 3.7 MMT to 39.4 MMT.