On Tuesday, July 26, the wheat market showed gains, with Chicago SRW contracts rising by 3 ¼ to 7 ¼ cents and KC HRW futures increasing by 1 ¼ to 4 ¾ cents. The MPLS spring wheat recorded a notable gain as nearby July futures climbed 11 ½ cents, closing at $6.09 1/4 for CBOT Wheat.
According to NASS Crop Progress data, 59% of the U.S. winter wheat crop was harvested as of Sunday, 8% ahead of the normal pace, while spring wheat was 54% headed, consistent with the five-year average. Conditions for spring wheat saw a decline to 57% rated good/excellent, a 2% drop from the previous week.
Monthly trade data revealed U.S. wheat exports for May totaled 1.609 million metric tons (59.13 million bushels), down 13.73% from April and 26.7% from the previous year, with full marketing year exports reaching 912 million bushels.
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