Wheat futures fell on July 25, with Chicago SRW contracts down 2 to 3 cents and Kansas City HRW contracts losing 3 cents. Minneapolis spring wheat futures dropped 9 to 10 cents amid improved rating reports. Chicago wheat closed at $5.36, down 3 cents, while Kansas City wheat closed at $5.36 3/4, also down 3 cents, and Minneapolis wheat closed at $6.18, down 9 1/4 cents.
The USDA’s weekly Crop Progress report indicated that 83% of winter wheat is now headed, 4 points ahead of the normal pace, with 3% of the harvest complete. The spring wheat crop is 95% planted, 5 points ahead of the average, with 50% rated as good/excellent. Meanwhile, Ukraine’s wheat crop is estimated between 20 to 22 million metric tons, below the USDA’s target of 23 million metric tons. EU soft wheat exports totalled 19.13 million metric tons since July, lagging behind 28.76 million metric tons from the same period the previous year.
