The wheat market is experiencing significant gains, with Chicago SRW futures rising by 20 to 23 cents and KC HRW futures increasing by 20 to 25.5 cents as of Tuesday. MPLS spring wheat is up 13 to 15 cents in the front months. Meanwhile, the latest Crop Progress data reveals that 19% of the U.S. spring wheat crop is planted, which is 3 percentage points behind the 5-year average of 22%. Notably, Minnesota is lagging by 10 percentage points, North Dakota by 6%, and South Dakota by 1%.
In winter wheat developments, 34% of the crop has headed, 13 percentage points ahead of normal, but condition ratings remain steady at 30%. The Brugler500 index fell 3 points to 287, with sharp declines reported in states like Colorado (-13 points) and Nebraska (-26 points). The average for major HRW states sits at 244, marking the second lowest week since 2000. Additionally, EU soft wheat exports from July 1 to April 24 are reported at 19.28 million metric tons, representing an increase of 1.18 million metric tons from the previous year.
As of May 26, CBOT Wheat is trading at $6.42 1/4, up 20.75 cents; KCBT Wheat at $6.92 3/4, up 25.5 cents; and MIAX Wheat at $6.91, up 15 cents.
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