Wheat Prices Fall as US Harvest Progresses and Argentina Crop Declines

The wheat market experienced a decline on Tuesday, with Chicago SRW futures down 3 to 9 ½ cents at close. Kansas City HRW futures and Minneapolis spring wheat also fell, ranging from 2 ½ to 13 ¼ cents lower.

This week's NASS Crop Progress report showed that 96% of the US spring wheat crop had been harvested by Sunday, aligning with the average pace. However, winter wheat planting was lagging behind the five-year average for this time of year, with only 17% complete and emergence at 2%.

Weather forecasts indicate potential delays in winter wheat planting due to expected rainfall in parts of Texas and Kansas. The Buenos Aires Grain Exchange estimates a decline in Argentina's 2026/27 wheat crop, projecting 23.4 million metric tons compared to last year's 27.8 million metric tons.