As of Tuesday midday, Chicago SRW wheat futures have dropped 5 to 7 cents, while KC HRW futures are down by 8 to 10 cents. MPLS spring wheat is also facing declines of 5 to 6 cents in the front months. The Kansas Crop Progress report indicates that winter wheat conditions have decreased by 4% to 52% rated as good/excellent, with the Brugler500 index falling by 9 points to 339.
In the EU, wheat production is now estimated at 142.6 million metric tons (MMT), a decrease of 1.3 MMT from previous estimates. The European Commission reports wheat exports are projected at 16.77 MMT for the period from July 1 to March 15, an increase of 1.23 MMT year-over-year.
Current prices for wheat futures include: May 26 CBOT Wheat at $5.91 (down 6 1/4 cents), July 26 CBOT Wheat at $6.02 1/4 (down 5 1/2 cents), and May 26 KCBT Wheat at $6.06 3/4 (down 9 3/4 cents).
