The wheat market experienced notable declines on Tuesday, with Chicago SRW futures dropping between 1 ¼ to 5 3/4 cents, and KC HRW futures falling by 5 3/4 to 12 1/4 cents. The Minneapolis spring wheat also witnessed a decrease of 7 to 15 cents.
According to NASS Crop Progress data, 87% of the U.S. winter wheat crop is now headed, surpassing the average pace by 8%. Harvest completion is at 5%, which is 2 percentage points ahead of normal. Winter wheat conditions remain steady at 26% rated good/excellent, with the Brugler500 index registering a slight increase to 269. In contrast, Ohio’s ratings declined by 10 points while Texas dropped 9 points.
The spring wheat crop is reported to be 94% planted and 72% emerged, both above the typical rates by 5%. This year’s spring wheat rating shows 47% in good/excellent condition, down 3% from last year. EU soft wheat exports from July 1 to May 31 have reached 21.47 million metric tons, reflecting a year-over-year increase of 1.2 million metric tons.
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