The wheat market continued its decline on Tuesday, with Chicago SRW wheat falling by 17 to 18 cents and KC HRW contracts down by 15 to 16 cents. USDA’s weekly crop progress report indicated that the winter wheat harvest is only 19% complete as of Sunday, significantly trailing behind the average of 28%. Current condition ratings for winter wheat are at 49% good/excellent, a decrease of 3% from last week.
Specifically, Colorado saw a sharp 31-point drop in wheat ratings, while ratings in North Carolina and Oklahoma fell by 15 points each. Notably, the Brugler500 index for winter wheat decreased by 4 points to 330. In contrast, spring wheat ratings also dropped by 3% to 54% good/excellent, leading to an 11-point decline on the Brugler500 index, now at 341.
Additionally, the European Commission reported that soft wheat exports from July 1 to June 22 reached 19.93 million metric tons, markedly lower than the 30.53 million metric tons recorded for the same period last year.
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