The wheat market is experiencing upward movement as of midday, with Chicago SRW wheat prices rising by 7 to 8 cents. KC HRW contracts showed minor gains, while MPLS spring wheat is up by 2 to 3 cents. Significant overnight activity included 193 contracts issued against CBT wheat and 310 deliveries against KC wheat.
As of June 29, 37% of the U.S. winter wheat crop has been harvested, trailing the average by 5%. Good/excellent crop conditions decreased by 1% to 48%. Notable shifts in crop ratings include Colorado improving by 28 points, while Nebraska’s ratings fell by 25 points. The spring wheat crop was reported at 38% headed, with conditions at 53% good/excellent.
According to Ukraine’s ag ministry, wheat exports for 2024/25 are estimated at 15.7 million metric tons, a decrease from 18.5 million metric tons in the previous year. The July 25 CBOT Wheat price reached $5.35 3/4, reflecting a 7-cent increase.
