CBOT wheat futures rise as USDA crop ratings fall
CHICAGO, May 28 (Reuters) - Chicago Board of Trade wheat futures firmed on Wednesday as U.S. Department of Agriculture crop ratings came in lower than expected.
CBOT July soft red winter wheat WN25 settled up 1-3/4 cents at $5.30-1/4 a bushel.
K.C. July hard red winter wheat KWN25 ended up 3/4 cent at $5.25-1/4 a bushel.
Minneapolis July spring wheat MWEN25 rose 7 cents to finish at $6.03-1/4 a bushel.
In its first 2025 condition ratings for spring wheat, the USDA rated only 45% of the crop as good to excellent, below even the lowest in a wide range of analyst expectations.
Analysts on average had expected the government to rate 71% of the spring wheat crop as good to excellent, with estimates ranging from 54% to 76%.
Spring wheat planting was 87% complete by Sunday, behind the average trade estimate of 90% but ahead of the five-year average of 80%.
USDA rated 50% of the winter crop as good to excellent, down from 52% the previous week, while analysts on average had expected a one-point improvement.
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