On Monday, the wheat complex experienced declines across all markets, with Chicago SRW futures falling by up to 2 ¾ cents, KC HRW futures down by 2 to 3 ½ cents, and MPLS spring wheat decreasing by 10 to 13 cents. The USDA’s NASS Crop Progress report revealed that 87% of the U.S. winter wheat crop is headed, which is 8% ahead of the average pace, with harvest 5% complete.
Conditions for winter wheat remained steady, holding at 26% rated good/excellent. The Brugler500 index increased by 1 point to 269. For spring wheat, 94% is planted and 72% has emerged, both 5% ahead of the normal pace, with the initial condition rating showing 47% as good/excellent, falling 3% from last year.
Wheat export inspections reported shipments of 402,346 metric tons for the week ending May 28, a 5.94% increase from the previous week but down 27.2% from the same week last year. Mexico, South Korea, and the Philippines were the top destinations. For marketing year totals, 23.893 million metric tons of wheat have been shipped, which is 9.27% higher than last year.
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