The U.S. wheat complex experienced significant gains on Tuesday, with Chicago SRW futures up 5 to 8 cents, and KC HRW futures increasing by 7.5 to 9.75 cents. MPLS spring wheat saw gains of 3 to 11.5 cents. As of now, U.S. spring wheat is reported to be 12% planted, which aligns with the five-year average, while emergence is at 2%.
In winter wheat conditions, 20% of the crop is headed, 8 percentage points above the normal rate. However, condition ratings declined by 4 percentage points to 30% rated good/excellent, with the Brugler500 index falling to 290. Kansas’ ratings decreased by 20 points, Texas by 2 points, and Colorado by 7 points. The Brugler500 average for main HRW states stands at 253, the lowest since 2023.
Latest closing prices for wheat futures include: May 26 CBOT Wheat at $6.05 (+8 cents), July 26 CBOT Wheat at $6.12 ¾ (+6.75 cents), May 26 KCBT Wheat at $6.43 ½ (+8.5 cents), and July 26 KCBT Wheat at $6.55 ¾ (+8.25 cents).
