Wheat failed to see much buying late in the Monday session, as contracts fell by double digits across the three markets. CBT wheat was down 14 to 15 cents. KC HRW contracts were 13 to 14 cents in the red. MPLS spring wheat was down 11 to 13 cents.

This morning’s Export Inspections report showed a total of 254,782 MT of wheat shipped in the week of 6/19. That is down 34.44% from last week and 26.08% below the same week in 2024. Japan was the top destination of 80,169 MT, with 65,970 MT headed to Mexico. Marketing year shipments are now at 844,686 MT, which is 19.82% lower than the same short period last year. 

After the close the weekly crop progress update from USDA showed winter wheat at 96% headed as of June 15th. Harvest has been slow, progressing 9 points to 19% complete as of Sunday, behind the 28% average. NASS pegged condition ratings at 49% good/excellent, down 3% from last week. That equates to a 4 point drop on the Brugler500 index, to 33 points.  The spring wheat crop was tallied at 17% headed by Sunday, lagging the 18% average pace. Condition ratings for the crop were down 3 percent to 54% good to excellent. That was an 11 point drop on the Brugler500 index to 341.

A delayed Commitment of Traders report from CFTC showed Chicago wheat spec traders decreasing their large net short position by 12,658 contracts to a net short of 81,353 contracts as of last Tuesday. By June 17th, Kansas City wheat speculators had covered 12,813 contracts of their large net short position to 62,151 contracts.

Russia’s wheat crop is expected to total 84.8 MMT this year, according to Argus, up 4.5 MMT from their previous estimate. 

Jul 25 CBOT Wheat  closed at $5.52 3/4, down 15 cents,

Sep 25 CBOT Wheat  closed at $5.69 1/2, down 14 cents,

Jul 25 KCBT Wheat  closed at $5.50, down 13 1/4 cents,

Sep 25 KCBT Wheat  closed at $5.65, down 13 3/4 cents,

Jul 25 MGEX Wheat  closed at $6.26 3/4, down 12 cents,

Sep 25 MGEX Wheat  closed at $6.45 1/4, down 11 1/2 cents,