The wheat complex experienced mixed performance, with spring wheat prices leading upward, while Chicago SRW futures fell by 5 ¼ to 8 cents and KC HRW futures dropped 6 ¼ to 9 ¾ cents on Tuesday. Open interest increased by 6,492 contracts, suggesting new selling interest. In contrast, MPLS spring wheat declined by 7 to 10 cents.
The Kansas Crop Progress report released Monday indicated that winter wheat conditions fell by 4% to 52% good/excellent, with the Brugler500 index decreasing by 9 points to 339. According to Coceral, EU wheat production is estimated at 142.6 million metric tons, down 1.3 million metric tons from the previous estimate, while EU wheat exports from July 1 to March 15 are projected at 16.77 million metric tons, up 1.23 million metric tons compared to last year.
As of May 26, CBOT wheat closed at $5.89 ¾, down 7 ½ cents; KCBT wheat at $6.06 ¾, down 9 ¾ cents; and MIAX wheat at $6.24 ¼, down 9 ¾ cents.
