Wheat futures declined on Monday across all major exchanges, with Chicago SRW futures dropping 6 to 7 cents, Kansas City HRW futures losing 9 to 10 cents, and Minneapolis spring wheat futures also witnessing a 9 to 10 cent loss. This decline was attributed to less optimistic data from the USDA.
As of Sunday, 66% of spring wheat was planted, surpassing the 59% average pace, with emergence at 27%, which is 8 percentage points ahead of normal. Winter wheat conditions saw 53% headed, quicker than the average of 45%, with good/excellent ratings at 54%, up 3% from the previous week. Total wheat production was reported at 1.921 billion bushels, exceeding trade estimates by 1.9 billion bushels.
In the week ending May 8, USDA’s Export Inspections reported 405,170 tons (14.88 million bushels) of wheat shipped, down 1.61% from the previous week but up 5.77% from the same week in 2024. The Philippines and Mexico were the top importers, taking 127,569 MT and 83,779 MT, respectively. Year-to-date shipments totaled 20.28 million metric tons, reflecting a 14.79% increase year-on-year.
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