Wheat futures are posting broad declines on Tuesday, with losses of 3 to 5 cents seen across most contracts in the complex.
Chicago SRW contracts settled fractionally to 5 cents lower on the day, while open interest climbed by 6,116 contracts on Monday.
KC HRW futures fell 4 and a quarter to 10 cents at the close, with open interest dropping 2,160 contracts over the same session.
There were 30 delivery notices posted against July overnight, as July futures are set to expire on Tuesday.
Minneapolis spring wheat was steady to 4 and three-quarter cents lower, though September managed a gain of three-quarter cent on the session.
The September 2026 CBOT Wheat contract closed at $6.35 and a quarter, down 5 cents, while the December 2026 contract closed at $6.50 and a half, down 4 cents.
September 2026 KCBT Wheat closed at $6.66 and a quarter, down 10 cents, with the December contract closing at $6.81 and a quarter, down 9 cents.
On the Minneapolis exchange, September 2026 MIAX Wheat closed at $6.53 and a quarter, up three-quarter cent, while December held flat at $6.74 and a quarter.
NASS Crop Progress data showed 67% of the U.S. winter wheat crop had been harvested by Sunday, running 6% ahead of the normal pace for this time of year.
The spring wheat crop was 72% headed, in line with the five-year average, while spring wheat conditions came in at 58% good to excellent, up 1%, with the Brugler500 index slipping 3 points to 351.
On the export front, USDA’s FGIS reported wheat export shipments of 373,611 metric tons, equal to 13.73 million bushels, for the week ending July 9.
That figure was well above the prior week but came in 15.97% below the same week last year, highlighting ongoing headwinds for U.S. wheat competitiveness in global markets.
Mexico was the top destination for the week, receiving 114,945 metric tons, followed by the Philippines at 79,127 metric tons and Japan at 62,220 metric tons.
Marketing year exports for 2025/26 now stand at 1.893 million metric tons, or 69.54 million bushels, running 17.32% below the same period last year.
