The wheat complex saw losses across all three major markets on Monday, June 2. Chicago soft red winter wheat futures closed fractionally to 2 ¾ cents lower, while Kansas City hard red winter wheat futures were down by 2 to 3 ½ cents. Minneapolis spring wheat posted the largest drop, falling between 10 and 13 cents.
NASS Crop Progress data showed that 87% of the U.S. winter wheat crop was headed, which is eight percent ahead of the average pace. Harvest was reported as five percent complete, two percentage points faster than normal. Winter wheat conditions remained steady at twenty-six percent rated good or excellent, with the Brugler500 index up one point to two hundred sixty-nine. The spring wheat crop was ninety-four percent planted and seventy-two percent emerged, both five percent above their respective normal paces.
The first spring wheat rating of the year indicated forty-seven percent of the crop in good or excellent condition, which is three percent below the same week last year. The Brugler500 index for spring wheat stood at three hundred forty-three points, up three points from a year ago.
Export Inspections data released Monday morning showed weekly U.S. wheat shipments at four hundred two thousand three hundred forty-six metric tons for the week ending May twenty-eighth. This figure represented a nearly six-percent increase from the previous week but was over twenty-seven percent below shipments during the same period last year. Mexico received ninety-five thousand five hundred two metric tons—the largest share—followed by South Korea and the Philippines. Total marketing year exports reached approximately twenty-three point nine million metric tons, marking a nine-point-two-seven-percent increase compared to this time last year.
Australia’s ABARES estimated that country’s upcoming wheat crop for marketing year twenty-twenty-six/twenty-seven at twenty-six point seven million metric tons—a projected decrease of twenty-six percent from last season if realized.
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