On Tuesday, the wheat complex saw losses across multiple markets, with Chicago SRW futures declining 8 to 13 ¼ cents, KC HRW futures falling 3 to 5 ¾ cents, and MPLS spring wheat down 3 to 4 ½ cents. The May 26 CBOT Wheat closed at $6.16 ½, a decrease of 13 cents.
US Crop Progress data shows that 32% of the spring wheat crop is planted, lagging 3 percentage points behind the five-year average. Meanwhile, the winter wheat crop is 49% headed, which is 17 percentage points ahead of normal. Oklahoma’s annual wheat tour forecasts a winter wheat harvest of 47.799 million bushels, with an estimated yield of 23.11 bushels per acre.
March Monthly Census trade data reported 1.821 million metric tons of wheat shipped, reflecting a 1.24% increase from last year but a 6% decrease from February.
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