Wheat Holding Strength to Round Out May
Wheat is trading with gains at Friday’s midday, with contracts up across the three exchanges. Chicago SRW futures are showing fractional gains. Kansas City HRW contracts are showing 2 to 3 cent gains. Minneapolis spring wheat futures are another 9 to 10 cents in green.
Export Sales data from this morning showed 128,797 MT in net reductions for 2024/25 wheat within expectations of net reductions 200,000 MT to sales of 100,000. New crop was tallied at 711,368 MT, which was on the higher end of the estimates of 300,000 to 800,000 MT. That was a 3-week low. Unknown destinations was the top buyer of 213,000 MT, with Mexico in for 140,000 MT and South Korea purchasing 115,000 MT.
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The FranceAgriMer estimates the French soft wheat crop at 70% good/excellent, which is below the 71% from the week prior.
Jul 25 CBOT Wheat is at $5.34 3/4, up 3/4 cent,
Sep 25 CBOT Wheat is at $5.49 1/4, up 1/2 cent,
Jul 25 KCBT Wheat is at $5.34, up 2 1/4 cents,
Sep 25 KCBT Wheat is at $5.48, up 2 1/4 cents,
Jul 25 MGEX Wheat is at $6.25 3/4, up 10 1/4 cents,
Sep 25 MGEX Wheat is at $6.37 1/4, up 9 1/4 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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