Wheat Market Slumps After Higher Close
The wheat market is experiencing losses on Tuesday morning, with prices ranging from 5 to 7 cents lower across the three markets. This comes after a higher close on Monday, where Chicago SRW contracts were up 10 to 12 1/4 cents and KC HRW futures were 9 3/4 to 11 3/4 cents in the green.
The latest data from the US Department of Agriculture shows that 86% of the winter wheat crop has been harvested, matching the normal pace. Spring wheat is also performing well, with 98% of the crop headed and 5% harvested, 1% ahead of the 5-year average pace.
Shipments of wheat for the marketing year are now at 2.907 MMT (106.8 mbu), which is 27.36% below the same period last year. However, a recent tender saw a South Korean mill purchase 50,000 MT of US wheat overnight.