Wheat futures are showing 4 to 5 cent losses across the three markets on Tuesday morning. The wheat complex fell back from their intraday highs on Monday to close mixed. Chicago SRW futures were fractionally mixed on the day. KC HRW contracts were fractionally to 1 3/4 cents higher on the session. MPLS spring wheat is posted losses of 2 to 5 ¼ cents at the close.

The Monday afternoon Crop Progress report indicated 73% of the US winter wheat crop planted as of 10/20, 3 percentage points behind normal. Emergence was pegged at 46% vs. the 520% average pace.

Export Inspections data pegged 268,375 MT (9.7 mbu) of wheat shipped in the week that ended on 10/17. That was down 28.4% from the week prior and 58.35% above the same week last year. Japan was the largest destination of 97,779 MT, with 50,847 MT to Mexico. Shipments in the marketing year have totaled 9.26 MMT (340 mbu), which is still up 33.75% from the same time last year. 

A couple of Russian firms released initial estimates of the 2025 crop, with IKAR showing an expected range of 80 to 85 MMT and SovEcon coming in at 80.1 MMT

Dec 24 CBOT Wheat  closed at $5.72 1/4, down 1/2 cent, currently down 5 cents

Mar 25 CBOT Wheat  closed at $5.92 1/4, down 1/4 cent, currently down 4 3/4 cents

Dec 24 KCBT Wheat  closed at $5.82 1/4, up 1 1/2 cents, currently down 4 3/4 cents

Mar 25 KCBT Wheat  closed at $5.97, up 1 1/4 cents, currently down 4 1/4 cents

Dec 24 MGEX Wheat  closed at $6.14, down 2 1/2 cents, currently down 4 cents

Mar 25 MGEX Wheat  closed at $6.36, down 2 cents, currently down 4 cents