The wheat complex is trading with modest weakness on Friday. Chicago SRW futures are 1 to 3 cents in the red on the Friday session. KC HRW futures are down 7 to 8 cents at midday. MPLS spring wheat is trading with 2 to 3 cent losses at midday. The CBoT will be closed on Monday for Memorial Day, with the Tuesday session showing a normal open.
Export Sales data has old crop wheat commitments at 25.241 MMT, which is up 16% from last year. That is also 102% of the USDA forecast and lagging the 103% average sales pace. New crop business has totaled 2.029 MMT, so far, which is down 51.45% from the same week last year
The French soft wheat crop is estimated at 80% in good/excellent conditions according to the FranceAgriMer, steady with the week prior. Durum was rated at 71% gd/ex.
Late on Thursday, Argentina cut their wheat export tax from 7.5% to 5.5%.
Jul 26 CBOT Wheat is at $6.45 3/4, down 1 3/4 cents,
Sep 26 CBOT Wheat is at $6.58 3/4, down 2 1/4 cents,
Jul 26 KCBT Wheat is at $6.80, down 7 cents,
Sep 26 KCBT Wheat is at $6.90 1/2, down 7 1/4 cents,
Jul 26 MIAX Wheat is at $6.87 1/2, down 2 3/4 cents,
Sep 26 MIAX Wheat is at $7.08 1/2, down 2 1/2 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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