Wheat is continuing to head lower, as contracts are down across the three markets. The wheat complex fell lower on Tuesday across the three exchanges, as a rallying dollar continues to weigh on the market. Chicago SRW futures were down 12 1/2 to 13 3/4 cents on Tuesday. KC HRW contracts posted losses of 9 3/4 to 13 cents on the day. MPLS spring wheat was 11 to 14 1/4 cents in the red.

Weekly Crop Progress data showed a total of 91% of the winter wheat planted as of 11/10, with emergence at 76%, both 2 and 3 percentage points above normal. Condition ratings were improved by 3% to 44% gd/ex, with the Brugler500 index up 10 points to 326.

Export Inspections data showed 347,321 MT (12.76 mbu) of wheat shipped in the week that ended on November 7. That was up 68.8% from last week and 41.9% larger than the same week last year. A total of 84,061 MT was headed to South Korea, with 57,655 MT shipped to the Philippines. Marketing year to date shipments have totaled 10.11 MMT (371.5 mbu), which is 28.8% above the same period last year. 

Japan is looking for 114,403 MT of wheat in their weekly tender from the normal Australia, Canada, and the US, with 58,046 MT US specific. The French soft wheat crop is projected at 25.56 MMT according to the French Farm Ministry, a 0.13 MMT increase from last month. Russia’s Rusagrotrans expects to seek the country’s 2025/26 wheat crop acreage to drop to the smallest since 2018/19 at 15.4 million hectares (38.1 million acres).

Dec 24 CBOT Wheat  closed at $5.52 1/4, down 13 1/4 cents, currently down 8 1/2 cents

Mar 25 CBOT Wheat  closed at $5.67, down 13 1/2 cents, currently down 7 1/2 cents

Dec 24 KCBT Wheat  closed at $5.46 1/2, down 13 cents, currently down 6 3/4 cents

Mar 25 KCBT Wheat  closed at $5.60 3/4, down 12 1/4 cents, currently down 6 3/4 cents

Dec 24 MGEX Wheat  closed at $5.77 3/4, down 14 1/4 cents, currently down 6 1/4 cents

Mar 25 MGEX Wheat  closed at $6.00 1/2, down 11 3/4 cents, currently down 5 3/4 cents