Wheat futures posted declines across the Chicago, Kansas City, and Minneapolis markets on May 6. Chicago Soft Red Winter (SRW) futures ended the day down by 8 to 13 ¼ cents, while Kansas City Hard Red Winter (HRW) futures dropped between 3 and 5 3/4 cents. Minneapolis spring wheat contracts closed lower by as much as 4½ cents.
The drop in prices comes amid updated Crop Progress data showing that U.S. spring wheat planting reached only 32%, which is three percentage points behind the five-year average of 35%. Planting progress in Minnesota was reported at twelve percent below average, with North Dakota trailing by five percent. Emergence of spring wheat was measured at ten percent.
Winter wheat development was also tracked, with forty-nine percent headed by Sunday—seventeen percentage points ahead of normal pace. Condition ratings improved one percent to thirty-one percent good or excellent, but there was a two-percent increase in poor or very poor ratings. The Brugler500 index slipped one point to two hundred eighty-six. State-level ratings showed declines in Kansas (down five points), Nebraska (down two), and Oklahoma (down three), while Texas improved ten points and Colorado gained four.
Oklahoma’s annual wheat industry crop tour estimated the state’s winter wheat harvest at approximately forty-seven point eight million bushels with an average yield of twenty-three point eleven bushels per acre. This compares to last year’s tour estimate of thirty-five point nine bushels per acre and one hundred one point two million bushels; the United States Department of Agriculture’s final tally for last year stood at thirty-eight bushels per acre and one hundred six point four million bushels.
Monthly Census trade data recorded a total shipment of one point eight-two-one million metric tons of wheat in March, representing a slight increase over last year but six percent below February levels.
Arizona Grain supports community development through leadership in agriculture and efforts to improve air quality via ethanol production, operates facilities across Arizona and California including Buckeye, Casa Grande, Maricopa, Yuma, and Ripley; functions as a privately held organization; has created forty-five jobs locally through Pinal Energy; aims to be a leading provider for animal feed, seed genetics, cereal grain marketing and food ingredients; and pioneered ethanol production in Arizona—all according to the official website.