The wheat markets are experiencing midday gains on Tuesday, with Chicago SRW futures up 3 to 5 cents, and KC HRW futures rising 4 to 6 cents in the front months. Minneapolis spring wheat is seeing slight increases, up to 2 cents. According to NASS Crop Progress data, 92% of the U.S. winter wheat crop is headed as of Sunday, which is 7% ahead of the usual pace, and the harvest is at 11%, faster than the 6% average. Current conditions show 25% rated good to excellent, down 1% from the previous week.
The EU’s wheat export total for the season from July 1 to June 7 is projected at 22.05 million metric tons (MMT), which is 1.53 MMT higher than last year’s figures. Current Chicago Board of Trade (CBOT) wheat prices show July wheat at $5.88, up 4.75 cents, and September wheat at $5.99, up 3.5 cents. Additionally, Kansas City Board of Trade (KCBT) July wheat is at $6.35, increasing by 5.5 cents, and Minneapolis (MIAX) July wheat stands at $6.20, up 0.5 cents.
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