The wheat complex is taking back the weakness from Thursday, as contracts are up double digits across the three exchanges, as the USDA was a little more bearish. Chicago SRW futures are back up 16 to 18 cents in the front months. Kansas City HRW contracts are 12 to 14 cents higher on the session. MPLS spring wheat is 13 to 15 cents in the red at the close.
USDA Export Sales data from Thursday showed all wheat export business at 21.55 MMT. That is now 96.55% of the new USDA export projection, with the 5-year average sales pace at 102%. Export shipments are 17.3 MMT, which is 77.5% of USDA’s new number lagging the 5-year average pace of 83%
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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 is at $5.56, up 18 cents,
Jul 25 CBOT Wheat is at $5.70 1/4, up 16 3/4 cents,
May 25 KCBT Wheat is at $5.71 3/4, up 13 3/4 cents,
Jul 25 KCBT Wheat is at $5.85 1/4, up 12 1/4 cents,
May 25 MGEX Wheat is at $6.17, up 15 cents,
Jul 25 MGEX Wheat is at $6.30 1/4, up 13 3/4 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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