Wheat Extending Pullback on Friday
After a higher start to the week, wheat futures are fading off on the Friday session with losses across the three markets. Chicago SRW futures are down 14 to 15 cents across front months. KC HRW contracts are 13 to 14 cents lower on the day. MPLS spring wheat is down 9 to 10 cents midway through the session.
Weekly Export Sales indicated total export commitments for wheat and products are now 23% above the previous year and a 3-year high at 11.713 MMT. That is 52% of the full year USDA projection, which is above last year’s pace, with the 5-year average sales pace at 56%.
The FranceAgriMer pegged the country’s soft wheat crop at 1% planted as of September 30.
Dec 24 CBOT Wheat is at $5.88 3/4, down 14 3/4 cents,
Mar 25 CBOT Wheat is at $6.12 1/4, down 14 1/4 cents,
Dec 24 KCBT Wheat is at $5.97 3/4, down 13 3/4 cents,
Mar 25 KCBT Wheat is at $6.14 1/2, down 13 1/2 cents,
Dec 24 MGEX Wheat is at $6.36 3/4, down 9 1/2 cents,
Mar 25 MGEX Wheat is at $6.58, down 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.
