Wheat markets closed in the red Monday, with losses recorded across Chicago, Kansas City, and Minneapolis exchanges as weak export figures and crop data weighed on sentiment.
Chicago SRW contracts settled 8 to 10 and a quarter cents lower at the close, reflecting broad pressure across the soft red winter wheat market.
Kansas City HRW futures declined 3 and three-quarters to 5 and a quarter cents, with the July contract bearing the steepest loss at 11 cents lower.
Minneapolis spring wheat futures dropped 4 and a half to 6 and three-quarters cents, with the July contract falling a sharp 29 and three-quarters cents on the session.
NASS Crop Progress data revealed that 48% of the US winter wheat crop had been harvested by Sunday, running 9% ahead of the normal pace for this time of year.
Winter wheat conditions held steady at 26% good to excellent, while the Brugler500 index edged 2 points lower to settle at 262 for the week.
Spring wheat was 32% headed, running 2% behind the five-year average pace, though conditions improved to 59% good to excellent, up 5%, with the Brugler500 rising 4 points to 355.
The weekly Export Inspections report showed wheat shipments of just 358,253 metric tons in the week ending June 25, a decline of 9.56% from the prior week and 24.83% below the same week last year.
South Korea was the top destination with 79,069 metric tons shipped, followed by Mexico at 78,042 metric tons and the Philippines receiving 66,000 metric tons during the period.
Total marketing year wheat shipments now stand at 1.333 million metric tons, which is 0.86% above the comparable period from the previous year.
Traders are watching Tuesday’s annual June Acreage report closely, with all wheat acres expected to come in at 43.8 million acres according to a Bloomberg survey of traders.
Spring wheat acres are projected at 9.5 million acres, with durum wheat estimated at 2 million acres, while Quarterly Grain Stocks data is expected to show 931 million bushels of wheat on hand as of June 1.
A South Korean mill importer tendered for 100,000 metric tons of wheat from the US and Australia, with 50,000 metric tons specifically designated for US origin and a Tuesday deadline for offers.
Argus estimates the Russian wheat crop at 91.2 million metric tons, an increase of 2.5 million metric tons from its previous April estimate, adding to global supply expectations.
At settlement, July 2026 CBOT Wheat closed at $5.69 and a half, down 8 and three-quarters cents, while September 2026 CBOT Wheat finished at $5.79 and three-quarters, down 10 cents.
July 2026 KCBT Wheat settled at $6.00, down 11 cents, with September 2026 KCBT Wheat closing at $6.14 and three-quarters, off 4 and three-quarters cents on the day.
