Wheat prices are on the rise, with double-digit gains reported on Tuesday following a strong showing on Monday. Chicago SRW wheat rose by 10.75 to 15 cents, while Kansas City HRW wheat gained between 8.5 and 12.25 cents. Open interest increased by 2,947 contracts, primarily driven by December contracts.
As of now, 53% of the U.S. spring wheat crop is planted, which is 2 percentage points ahead of the five-year average of 51%. Emergence stands at 23%, and the winter wheat crop is 61% headed, exceeding normal conditions by 16 percentage points. Current crop condition ratings for winter wheat have dropped to 28% good/excellent.
For the week ending May 7, U.S. wheat exports totaled 511,436 metric tons, 1.78% higher than the previous week and 26.23% above the same week last year. Key destinations included South Korea (111,630 MT), Mexico (85,565 MT), and Japan (72,717 MT). The cumulative total since June 1 is now 22.875 MMT, marking a 12.58% increase year-over-year. The May WASDE report is expected to reveal lower old crop stocks at 930 million bushels and project winter wheat production at 1.211 billion bushels.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
