Wheat Prices Fall Back as Month-End Pressure Mounts

The wheat market is facing month-end pressure as prices fall back in Chicago and Kansas City. The Chicago SRW contracts are down 25-26 cents at midday, while KC HRW futures are trading with losses of 24-25 cents.

In contrast to previous weeks, there were only 9 deliveries first notice day for Sep CBT wheat, but 143 delivery notices for September KC wheat. Turkey's efforts to establish a Black Sea shipping corridor over the weekend may have some impact on grain flows in the coming months.

The latest Export Inspections report showed wheat shipments of 430,925 MT (15.83 mbu) in the week of 8/27, slightly below the previous week and 46.46% below the same period last year. The Philippines was the largest destination for these shipments at 131,831 MT.