The Export Inspections report released this morning showed that 254,782 MT of wheat was shipped during the week ending June 19. This was 34.44% lower than the previous week and 26.08% below the same week last year. Japan was the top buyer at 80,169 MT, followed by Mexico at 65,970 MT. Total marketing year shipments now stand at 844,686 MT, down 19.82% from the same short period last year.

According to the USDA’s weekly Crop Progress report released after the market closed, 96% of the winter wheat crop had headed by June 15. Harvest progress was slow, reaching 19% completion by Sunday, behind the 28% average. NASS rated the winter wheat crop at 49% good/excellent, a 3% decline from the previous week. This translated to a 4-point drop on the Brugler500 index to 33. Spring wheat was 17% headed by Sunday, slightly behind the 18% average pace. Condition ratings for the spring wheat crop fell 3% to 54% good/excellent, causing an 11-point drop on the Brugler500 index to 341.

A delayed CFTC Commitment of Traders report showed Chicago wheat speculators reducing their large net short position by 12,658 contracts, resulting in a net short position of 81,353 contracts as of June 17. Kansas City wheat speculators reduced their net short position by 12,813 contracts to 62,151 contracts.

According to Argus, Russia’s wheat production is estimated at 84.8 MMT this year, up 4.5 MMT from their previous estimate.