Wheat futures saw gains across three exchanges on Tuesday, with Chicago SRW contracts rising 4 1/4 to 9 3/4 cents, KC HRW futures up 7 1/2 to 11 3/4 cents, and MPLS spring wheat increasing 4 to 5 ¾ cents. The expiration of July futures occurred on the same day.
As of Sunday, the NASS Crop Progress report revealed that 67% of the U.S. winter wheat crop had been harvested, which is 6% ahead of the average. The spring wheat crop reached 72% headed, matching the five-year average, with overall conditions rated 58% good/excellent, up 1%. However, ratings in Montana dropped by 18 points.
EU wheat exports for the first 12 days of July totaled 214,904 MT, down from 260,897 MT a year prior. In Russia, exports remain constrained due to reported restrictions around the Kerch Strait.
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