Wheat Market Weakness Continues as Export Data Disappoints

The wheat market experienced weakness on Tuesday, with all three major markets falling in value. Chicago SRW contracts were down 11 to 14 cents, while KC HRW futures and MPLS spring wheat dropped by 9 1/2 to 11 1/4 cents and 5 1/2 to 10 3/4 cents respectively.

The weekly NASS Crop Progress data showed that spring wheat conditions improved by 2%, reaching 55% good to excellent. The Brugler500 index also rose by 6 points to 348, with ratings in MT and SD increasing by 27 points.

However, export data released by Census revealed a disappointing total of 1.473 MMT of exports in June, marking an 8.49% decline from May. A South Korean mill did purchase 50,000 MT of US wheat through a tender overnight.