Key Moments
- Chicago SRW wheat futures finished higher on Monday, while spring wheat contracts ended lower.
- U.S. winter wheat harvest reached 25%, outpacing the 13% average pace, with condition ratings improving.
- Weekly U.S. wheat export shipments totaled 334,292 MT, with marketing year exports for 2026/27 now 6.1% below the same period last year.
Mixed Early Trade on Tuesday Following Split Session
Wheat futures were trading with a mixed tone early Tuesday, with Chicago Board of Trade (CBT) contracts moving higher and other segments of the complex showing more subdued or softer action.
On Monday, price performance varied across the wheat markets, with spring wheat contracts underperforming the other major classes.
Futures Performance Across Wheat Markets
Chicago soft red winter (SRW) futures ended Monday in positive territory, while Kansas City hard red winter (HRW) futures also posted gains. In contrast, Minneapolis spring wheat futures closed lower.
| Contract | Settlement (Mon) | Change (Mon) | Current Early Tuesday Move |
|---|---|---|---|
| Jul 26 CBOT Wheat | $5.89 3/4 | up 5 1/4 cents | currently up 3 3/4 cents |
| Sep 26 CBOT Wheat | $6.00 1/2 | up 4 3/4 cents | currently up 2 3/4 cents |
| Jul 26 KCBT Wheat | $6.40 | up 5 1/2 cents | currently down 3 1/4 cents |
| Sep 26 KCBT Wheat | $6.45 1/4 | up 4 1/2 cents | currently down 1 3/4 cents |
| Jul 26 MIAX Wheat | $6.16 | down 2 1/4 cents | currently down 1 1/4 cents |
| down 2 1/4 cents | Sep 26 MIAX Wheat | $6.40 3/4 | currently down 1 1/4 cents |
Within Chicago SRW, contracts advanced between 3 3/4 and 5 3/4 cents on Monday. Open interest there declined by 13 contracts, pointing to a modest shift in contract ownership rather than broad new positioning.
Kansas City HRW futures registered gains of 3 1/2 to 5 1/2 cents, accompanied by an open interest increase of 1,726 contracts. Minneapolis spring wheat futures weakened, closing between 1 1/2 and 2 3/4 cents lower.
U.S. Winter Wheat: Heading, Harvest, and Condition
According to NASS Crop Progress data, 95% of the U.S. winter wheat crop had headed by Sunday, standing 4 percentage points ahead of the normal pace. Harvest progress reached 25%, running ahead of the typical 13% for this point in the season.
Winter wheat condition ratings improved, with 27% of the crop rated good to excellent, a 2 percentage point increase. The Brugler500 index for winter wheat rose by 4 points to 267.
Spring Wheat Development and Ratings
The spring wheat crop was reported at 95% emerged, 6 percentage points ahead of the average pace. Heading reached 6%, which is 1 percentage point above normal.
Spring wheat condition ratings showed 55% of the crop in good to excellent shape, up 3 percentage points. The Brugler500 index for spring wheat improved by 2 points to 352.
Export Shipments and Early New-Crop Marketing Year Flows
USDA’s Federal Grain Inspection Service (FGIS) recorded wheat export shipments of 334,292 metric tons (12.28 million bushels) for the week ending June 11. That total was 3.39% higher than the previous week but 14.01% below shipments during the same week a year earlier.
South Korea was the largest weekly destination at 105,822 MT, followed by Mexico at 54,444 MT and the Philippines at 53,202 MT.
For the 2026/27 marketing year, cumulative wheat exports over the first 11 days reached 554,075 MT (20.36 million bushels). This volume is 6.1% under the level recorded in the comparable period last year.
Global Demand Signals
In international activity, Algeria issued a tender to purchase wheat, with offers due on Wednesday.
Author Position and Disclosure
On the date of publication,
Austin Schroeder
did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
For more information please view the Barchart Disclosure Policy here.
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