Wheat futures faced significant losses on May 30, with Chicago SRW futures dropping 13 to 14 cents, Kansas City HRW contracts down 14 to 15 cents, and Minneapolis spring wheat futures decreasing by 9 to 11 cents. USDA’s Export Inspections report showed a total of 561,980 metric tons of wheat shipped in the week ending May 22, marking a 30.29% increase from the previous week and a 40.88% year-over-year rise, with South Korea as the largest importer at 133,130 MT.
Analysts expect 91% of the spring wheat crop to be planted and condition ratings to be around 70% good/excellent, while winter wheat conditions are anticipated to remain steady at 52%. In Commitment of Traders data, speculators held a net short position of 108,893 contracts in Chicago wheat futures, down 18,002 from the previous week, and a net short of 80,162 contracts in Kansas City wheat.
