Wheat Dropping Double Digits on Friday
The wheat complex is gaining some weakness as we head into the weekend. Chicago SRW futures are showing losses of 13 to 14 1/4 cents in the nearbys at midday. KC HRW contracts are trading with midday losses of 16 to 17 cents on Friday. MPLS spring wheat is posting losses of 11 to 12 ½ cents.
Some precip is expected later next week in portions of the eastern half of the Plains over the next week, extending over to parts of SRW country.
Weekly Export Sales data shows total export commitments at 13.202 MMT, which is 59% of USDA’s export projection and back of the 5-year average pace by 1 percentage point.
Argentina’s Rosario Grain Exchange estimates the country’s exports at 13.3 MMT for 2024/25, which would be the second largest total on record. The FranceAgriMer estimates the soft wheat crop is 21% planted, which is down from the 50% last year.
Dec 24 CBOT Wheat is at $5.67 1/4, down 14 1/4 cents,
Mar 25 CBOT Wheat is at $5.87 1/4, down 13 1/2 cents,
Dec 24 KCBT Wheat is at $5.70 1/2, down 16 1/2 cents,
Mar 25 KCBT Wheat is at $5.85 1/4, down 16 cents,
Dec 24 MGEX Wheat is at $6.05 1/2, down 12 1/2 cents,
Mar 25 MGEX Wheat is at $6.28 1/4, down 11 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.