Wheat is showing gains early on Friday, with gains in the three markets. The wheat complex gave into the bears on Thursday, falling lower across the three exchanges, as the USDA was a little more bearish. Chicago SRW futures were back down 2 to 5 cents in the front months. Kansas City HRW contracts were 7 to 10 cents lower on the session. MPLS spring wheat was 5 to 7 cents in the red at the close.
US wheat ending stocks were increased by 27 mbu on Thursday to 846 mbu. That was well above estimates and came as imports were up 10 mbu, exports trimmed by 15 mbu and seed trimmed by 2 mbu. World ending stocks were raised by 0.62 MMT to 260.70 MMT.
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USDA Export Sales data from Thursday showed 107,280 MT in old crop wheat bookings. That was back down from the previous week but was still the second largest out of the last 4 weeks. Unknown was the buyer of 92,800 MT, with 40,000 MT sold to Nigeria. New crop sales were tallied at 107,728 MT, the second largest for the marketing year so far. Japan was the buyer of 64,200 MT, with 22,500 MT sold to Mexico.
French soft wheat crop ratings were tallied at 75% good/excellent, a drop of 1% on the week according to FranceArgiMer data.
May 25 CBOT Wheat closed at $5.38, down 4 1/4 cents, currently up 11 cents
Jul 25 CBOT Wheat closed at $5.53 1/2, down 2 1/4 cents, currently up 10 1/4 cents
May 25 KCBT Wheat closed at $5.58, down 10 cents, currently up 10 cents
Jul 25 KCBT Wheat closed at $5.73, down 7 1/4 cents, currently up 10 1/4 cents
May 25 MGEX Wheat closed at $6.02, down 6 3/4 cents, currently up 6 cents
Jul 25 MGEX Wheat closed at $6.16 1/2, down 5 cents, currently up 6 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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