The wheat complex faced pressure on Monday across all three exchanges. Chicago SRW futures were down 14 to 17 cents on the day. KC HRW was 19 to 20 cents lower. MPLS spring wheat showed 14 to 16 cent losses across the front months.  

This afternoon’s Crop Progress report showed 14% of the US winter wheat crop planted as of Sunday, 1% faster than normal. The spring wheat crop was 92% harvested, above the 90% average pace.

Weekly Export Inspections data from FGIS showed 556,901 MT of wheat shipped in the week that ended on September 12. That was a drop of 10.3% from last week but an improvement of 31.77% from the same week last year. Of that total, 113,861 MT was headed to Thailand, with 96,393 MT shipped to the Philippines, and 93,397 MT to Mexico. 

Stats Canada wheat estimates for the 2024 crop were released this morning, showing a projection of 34.29 MMT for total wheat production, up 4.1% from last year, but shy of the 35 MT estimate from the WASDE last week. 

Dec 24 CBOT Wheat  closed at $5.78 1/2, down 16 1/4 cents,

Mar 25 CBOT Wheat  closed at $5.97 1/2, down 14 3/4 cents,

Dec 24 KCBT Wheat  closed at $5.80 1/2, down 19 1/2 cents,

Mar 25 KCBT Wheat  closed at $5.93 1/2, down 19 1/4 cents,

Dec 24 MGEX Wheat  closed at $6.19 3/4, down 15 3/4 cents,

Mar 25 MGEX Wheat  closed at $6.40 3/4, down 14 3/4 cents,