The wheat complex is retreating across the three exchanges on Friday Chicago SRW futures are 6 to 7 cents lower in the nearbys on the day KC HRW futures are posting 6 to 12 cent losses in most contracts on the session. MPLS spring wheat is down 1 to 2 cents in the front months on Friday.
Weekly Export Sales from Thursday has total export commitments at 24.67 MMT, which is 15% above the same time last year. That is 101% of the USDA export projection and near the 102% 5-year average.
IKAR estimates the Russian wheat crop at 90 MMT, a 1 MMT drop from their previous number. The French soft wheat crop was estimated at 83% Good/Excellent according to FranceArgiMer, a drop or 1 percentage point from the previous week. Saudi Arabia also issued a tender to buy 710,000 MT of wheat, with a deadline set for Friday.
May 26 CBOT Wheat is at $6.04 1/2, down 6 1/4 cents,
Jul 26 CBOT Wheat is at $6.13 3/4, down 6 1/2 cents,
May 26 KCBT Wheat is at $6.60 1/4, down 6 1/2 cents,
Jul 26 KCBT Wheat is at $6.67 1/2, down 11 3/4 cents,
May 26 MIAX Wheat is at $6.72 3/4, down 1 3/4 cents,
Jul 26 MIAX Wheat is at $6.89 1/2, down 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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