On May 26, the wheat market experienced a significant rally across three exchanges, with Chicago SRW futures rising by 17 to 28 ¼ cents, KC HRW futures increasing by 18 to 29 ½ cents, and MPLS spring wheat climbing by 12 ½ to 21 ½ cents. Notably, the winter wheat crop is currently 34% headed, which is 13 percentage points ahead of the normal pace.
According to the latest Crop Progress data, the U.S. spring wheat crop is only 19% planted, 3 percentage points behind the five-year average of 22%. In Minnesota, planting progress is lagging by 10 percentage points, while North Dakota is down by 6% and South Dakota is trailing by 1%. Emergence of the crop is at just 5%.
EU soft wheat exports from July 1 to April 24 totalled 19.28 million metric tons, reflecting an increase of 1.18 million metric tons from the same period last year, as reported by the European Commission.
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