**Wheat Market Update: Losses and Planting Progress**
As of early Wednesday, wheat prices are experiencing significant declines, with Chicago SRW futures closing down 13 cents at $6.16 ½ and currently down 18 ¼ cents. Kansas City HRW futures are down 5 ¼ cents at $6.77 ¼, while Minneapolis spring wheat is down 20 ¾ cents at $6.84 ¾. The downturn follows a poor performance on Tuesday across all three markets, contributing to overall market volatility.
In agricultural developments, the U.S. spring wheat crop is now 32% planted, trailing behind the five-year average by 3 percentage points. Emergence is estimated at 10%, with Minnesota lagging 12% behind average and North Dakota 5% behind. In contrast, the winter wheat crop is 49% headed as of Sunday, 17 percentage points ahead of the norm, though the percentage of good/excellent ratings stands at 31%, marking an increase of 1%.
Oklahoma’s crop tour predicts a winter wheat harvest of 47.799 million bushels, reflecting a yield of 23.11 bushels per acre. This is a significant decrease from last year’s estimates, which were 35.9 bushels per acre and a total harvest of 101.2 million bushels. Additionally, U.S. wheat exports in March totaled 1.821 million metric tons, a 1.24% increase compared to last year but a 6% decline from February.
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.
