On Tuesday, the wheat complex experienced declines across the board, with Chicago SRW futures dropping 6 to 7 cents, KC HRW futures down 12 to 13 cents, and MPLS spring wheat falling 10 to 11¼ cents. The NASS Crop Progress report indicated that 87% of the US winter wheat crop is headed, 8% ahead of the average pace, while harvest completion is at 5%, 2 percentage points faster than normal. Winter wheat conditions remained steady at 26% good/excellent, with the Brugler500 index increasing by 1 point to 269.
The spring wheat crop reported 94% planted and 72% emerged, both 5% above the normal pace. The initial spring wheat rating noted 47% of the crop in good/excellent condition, down 3% year-over-year, with a Brugler500 index rating of 343, up 3 points from the previous year. EU soft wheat exports from July 1 to May 31 have reached 21.47 million metric tons, reflecting a 1.2 million metric ton increase year-over-year during the same period.
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