Wheat Prices Plummet Across the Board on Monday

The wheat complex joined in on Monday's commodity losses, with prices slipping across the board. Chicago SRW contracts declined by 11 to 18 cents, while KC HRW futures closed with losses ranging from 10 to 16 1/4 cents.

The USDA's Weekly NASS Crop Progress report showed that 81% of US winter wheat was harvested as of Sunday, 2% ahead of the normal pace. Spring wheat, however, lagged behind at 92% headed, 1% below the 5-year average, with 2% already harvested.

The Brugler500 index dipped another 3 points to 342, while spring wheat conditions remained steady at 53% good/excellent. Export Inspections data revealed that wheat shipments of 394,785 MT (14.51 mbu) were up 71.82% from the previous week and 36.01% above the same period last year.