Wheat Holding Gains at Midday
Wheat futures are showing modest strength on Friday, holding some of the overnight gains. Chicago futures are back up 6 to 8 cents at midday. Kansas City contracts are showing 4 to 6 ½ cent gains on the session. MPLS spring wheat is continuing its ascent, with midday gains of 6 to 8 ½ cents.
Following USDA’s Export Sales report from Thursday, US export commitments for wheat are now 35% of the full year USDA projection at 7.76 MMT, 1% ahead of the average pace. Actual shipments are 2.2 MMT, 9% of that forecast and 1% below the 5-year average.
FranceAgriMer estimates the French soft wheat crop at 52% gd/ex, a 5% drop from the week prior. Last year was 80%. The crop is now 14% harvested, compared to 51% last year and an average at 43%.
Sep 24 CBOT Wheat is at $5.42 1/2, up 7 1/4 cents,
Dec 24 CBOT Wheat is at $5.68, up 8 cents,
Sep 24 KCBT Wheat is at $5.69 1/4, up 6 1/2 cents,
Dec 24 KCBT Wheat is at $5.85 1/2, up 6 1/2 cents,
Sep 24 MGEX Wheat is at $6.08 3/4, up 8 1/4 cents,
Dec 24 MGEX Wheat is at $6.28 3/4, up 8 1/2 cents,
On the date of publication, Alan Brugler 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.
