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The wheat markets faced declines on Tuesday, with Chicago SRW wheat closing fractionally lower, KC HRW contracts down 5 to 6 cents, and MPLS spring wheat dropping 6 to 8 cents. The USDA reported that 53% of the US winter wheat crop has been harvested, slightly trailing the 54% average, while the spring wheat crop is 61% headed, ahead of the 58% average. However, spring wheat conditions fell 3% to 48% good/excellent.
EU wheat exports for the period from July 1 of last year to June 30 are estimated at 20.33 million metric tons (MMT), down from 31.07 MMT the previous year. In contrast, Sovecon revised the Russian wheat export total to 42.9 MMT, an increase of 2.1 MMT.
As of July 25, wheat prices closed as follows: CBOT wheat at $5.43 (up 3.25 cents), KCBT wheat at $5.03.5 (down 5 cents), and MGEX wheat at $6.13 (down 7.75 cents).
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