Wheat Prices Plummet on Tuesday Amid Global Market Uncertainty

The wheat complex is experiencing losses across three exchanges on Tuesday.

Chicago SRW contracts are down by 9 to 10 cents, while KC HRW futures have fallen 9 to 10 cents lower across the front months. MPLS spring wheat is also 10 to 11 cents lower across most contracts.

Last week's NASS Crop Progress report showed that 91% of the US winter wheat crop had been harvested by Sunday, matching the normal pace. The spring wheat crop was 24% harvested, ahead of the 19% five-year average pace. However, spring wheat conditions were down 4% at 51%, with the Brugler500 index dropping 9 points to 339.

Sovecon estimates Russian wheat exports in August at 3-3.4 MMT, a drop from last year's 4.5 MMT. IKAR estimates the Russian wheat crop at 90 million metric tons (MMT), down 0.5 MMT from last month. EU soft wheat exports from July 1 to August 9 have totaled 1.01 MMT according to European Commission data, down from the 2.36 MMT in the same week last year.