Wheat Futures Fall on Soft Export Demand and Planting Delays

Wheat futures extended losses into Wednesday trading after closing lower across Chicago, Kansas City, and Minneapolis contracts on Tuesday. Prices dropped 2 to 4 cents per bushel as selling pressure persisted across the domestic wheat complex.

Sluggish export activity is weighing on market sentiment. Weekly inspections recorded 304,660 metric tons of wheat shipments, which is roughly 32% below the same timeframe last year. Total shipments for the current marketing year have reached 6.977 million metric tons, trailing last year's pace by nearly 36%. Meanwhile, winter wheat planting reached 51% completion by Sunday, trailing its five-year average by 7 percentage points, with crop emergence at 27%.

Traders are watching international trade developments and global supply adjustments. Algeria recently bought an estimated 660,000 to 720,000 metric tons of wheat in a tender, while French non-European Union export forecasts rose to 6.5 million metric tons, pulling French ending stock projections down to 2.7 million metric tons. Market participants will track whether overseas demand picks up enough to offset slow U.S. export momentum.