On Monday, the wheat complex recorded gains across all markets, with Chicago SRW wheat up 10 ¾ to 15 cents, KC HRW futures rising 8 ½ to 12 ¼ cents, and MPLS spring wheat increasing 5 to 10 ¼ cents. Crop Progress data indicated that 53% of the US spring wheat crop is now planted, surpassing the five-year average of 51%, while emergence stands at 23%. The winter wheat crop is 61% headed, 16 percentage points above normal, although condition ratings have declined to 28% rated good/excellent.
In export news, the latest data shows that 511,436 metric tons (18.79 million bushels) of wheat were shipped in the week ending May 7, marking a 1.78% increase from the previous week and a 26.23% rise compared to the same week last year. South Korea was the largest destination, receiving 111,630 metric tons, followed by Mexico at 85,565 metric tons and Japan at 72,717 metric tons. Since June 1, total wheat shipments have reached 22.875 million metric tons, up 12.58% from the same time last year.
Looking ahead to Tuesday, the May WASDE report is expected to reveal old crop stocks at 930 million bushels, down 8 million bushels according to a Bloomberg survey. The report will also provide new crop estimates, with total wheat production anticipated at 1.747 billion bushels, including 1.211 billion bushels of winter wheat.
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