The wheat market is experiencing gains across three exchanges as of midday, with Chicago SRW contracts up 10 to 12 cents. Kansas City HRW futures are also showing a rise of 10 to 12 cents, while MPLS spring wheat is up by 5 to 6 cents. Notably, July futures are set to expire on Tuesday.
As of Sunday, the USDA reported that 67% of the U.S. winter wheat crop has been harvested, which is 6% ahead of the normal pace. Additionally, 72% of the spring wheat crop is headed, aligning with the five-year average. Spring wheat conditions stand at 58% good/excellent, with specific states like Montana experiencing a notable decline of 18 points.
In early July, EU wheat exports reached 214,904 metric tons, a decrease from 260,897 metric tons during the same period last year, according to EU Commission data.
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