Wheat Prices Slip Back After Higher Close on Monday

The wheat market is experiencing losses on Tuesday morning, with prices falling by 5-7 cents across the three markets. This comes after a higher close on Monday, where Chicago SRW contracts were up 10-12.25 cents and KC HRW futures were up 9.75-11.75 cents.

The weekly NASS Crop Progress data showed that 86% of the US winter wheat crop has been harvested, matching the normal pace. The spring wheat crop was 98% headed, 1% ahead of the 5-year average pace, with 5% of the crop already harvested.

Quarterly NASS Flower Milling data also showed that 222.28 million bushels of wheat were ground for flour from April to June, down just 0.65 million bushels from last year and up 0.58 million bushels from the previous quarter.