On Tuesday, the wheat complex showed notable gains, with Chicago SRW futures rising by 5 to 6 cents and KC HRW futures increasing by 7 to 8 cents. The MPLS spring wheat saw an uptick of 6 to 8 cents. Crude oil prices also climbed, up $5.01.
A Kansas Crop Progress report indicated that winter wheat conditions dropped 6% to 46% rated as good/excellent, and the Brugler500 index decreased by 11 points to 328. Meanwhile, European Commission data recorded 17.14 MMT in wheat exports from July 1 to March 22, an increase compared to 16.13 MMT in the same timeframe last year. Russian wheat exports for the current marketing year are estimated at 46.5 MMT, up 1.1 MMT from previous projections.
Market numbers for May 26 indicate CBOT Wheat at $5.93 1/2, up 5 3/4 cents; KCBT Wheat at $6.10 3/4, up 7 1/2 cents; and MIAX Wheat at $6.34 1/4, up 7 1/4 cents.
