The wheat complex was the weak spot for the grains on Friday, as all three exchanges faced double digit front month losses. Chicago SRW futures were down 5 ½ to 12 ½ cents across the board, as Dec was down 3 ¾ cents this week. KC HRW contracts closed out the Friday session with loses of 13 to 15 cents, with Dec slipping 8 ¾ cents since last Friday. MPLS spring wheat posted losses of 4 1/2 to 17 ½ cents, led by December, which was down 11 ¼ on the week. 

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.

Managed money was adding back to their net short in CBT wheat futures and options by 2,902 in the week of October 22 to a net short of -28,915 contracts according to CFTC data. In KC, they were trimming their net short by 841 contracts to -5,647 contracts

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  closed at $5.69, down 12 1/2 cents,

Mar 25 CBOT Wheat  closed at $5.89 1/4, down 11 1/2 cents,

Dec 24 KCBT Wheat  closed at $5.72, down 15 cents,

Mar 25 KCBT Wheat  closed at $5.86 1/4, down 15 cents,

Dec 24 MGEX Wheat  closed at $6.05 1/4, down 12 3/4 cents,

Mar 25 MGEX Wheat  closed at $6.27 1/2, down 12 1/4 cents,