Wheat futures are trading lower early Tuesday, with losses of 3 to 5 ½ cents across the complex. The U.S. spring wheat harvest reached 24% as of Sunday, ahead of the 19% five-year average, while winter wheat harvest matched the normal pace at 91% complete. Weekly export inspections rose 24.36% from the prior week to 421,277 metric tons, though cumulative marketing-year shipments remain 24.56% below last year. Traders are looking ahead to Wednesday's monthly Crop Production report, where analysts surveyed by Reuters expect total U.S. wheat production of 1.525 billion bushels, an 11 million bushel cut from July, with winter wheat seen at 981 million bushels and spring wheat at 468 million bushels. Sovecon estimates Russian wheat exports in August at 3 to 3.4 million metric tons, down from 4.5 million last year, while IKAR lowered its Russian crop estimate by 0.5 million metric tons to 90 million.
Spring wheat harvest ahead of average and expectations of lower production estimates are offset by ongoing harvest progress, pressuring prices.
