Precipitation Improves Wheat Crop Condition, Continues to Pressure Prices

Wheat quotations rose 2-3% on Friday after the start of open war between Israel and Iran, but on Monday they fell again, declining overall by 0.3-1% for the week against the backdrop of favorable weather in the US, EU, and Black Sea region. According to the weekly USDA report, due to favorable precipitation in the US, the number of spring wheat crops in good or excellent condition increased by 4% to 57% (76% last year). However, rains are delaying harvesting, so winter wheat has been threshed on only 10% of areas (25% last year and 16% over the 5-year average), and the number of crops in good or excellent condition decreased by 2% to 52% (49% last year). This week, additional precipitation will pass through the US, but by the weekend they will end, and temperatures will reach 30-32°C, which will accelerate winter wheat harvesting. July wheat futures in the US fell yesterday: According to FranceAgriMer estimates, in France, the number of soft wheat crops in good or excellent ...