Wheat prices gained 4 to 7 cents early on Tuesday after a strong performance on Monday, where Chicago SRW futures rose by 17 ¾ to 28 ¾ cents following the release of a White House fact sheet indicating that China plans to purchase at least $17 billion per year in U.S. agricultural products for the next three years. KC HRW futures increased by 13 to 16 ¼ cents, with open interest rising by 2,608 contracts, while MPLS spring wheat was up 16 ¼ to 18 ¼ cents.
As of Monday, the U.S. spring wheat crop was reported at 73% planted, exceeding the five-year average of 66%, and 39% of it has emerged. The winter wheat crop is 71% headed, which is 13 percentage points ahead of normal rates, though condition ratings have dipped by 1% to 27% rated good/excellent. Export inspections for wheat during the week ending May 14 showed shipments at 223,972 metric tons, down 56.23% from the previous week and a 48.08% drop from the same week last year, with the Philippines being the top destination.
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