Wheat Falling on Friday
The wheat market is trading with contracts weaker on Friday. Chicago SRW futures are trading with contracts down 7 to 8 cents so far on Friday. Kansas City HRW contracts are falling 10 to 11 cents at the midday part of the session. Minneapolis spring wheat futures are down 4 to 5 cents at midday
The annual Hard Red Wheat Tour concluded on Thursday, with the average for the tour at 53 bushel per acre. That was a 4 year high. Kansas wheat production was pegged at 338.5 million bushels. Rain chances over the next week are heavy in parts of the eastern southern Plains and stretch over to SRW area.
The weekly Export Sales report now pegs the old crop commitments for wheat at 21.689 MMT, which is 97% of the USDA export forecast, with just over 3 reporting weeks left in the MY. The average for this time of year is 104%. Actual exports according to FAS are now 19.637 MMT, just 87% of the forecast, with the average shipping pace at 93%.
The FranceAgriMer estimates the French soft wheat crop rated at 73% good/excellent, which is down a slight 1 percentage point from the previous week. South Korean mills are tendering for 50,000 MT of US wheat.
Sep 25 CBOT Wheat is at $5.38 3/4, down 7 3/4 cents,
Dec 25 CBOT Wheat is at $5.60 1/2, down 7 1/2 cents,
Sep 25 KCBT Wheat is at $5.31 3/4, down 10 1/4 cents,
Dec 25 KCBT Wheat is at $5.54 1/2, down 10 cents,
Sep 25 MGEX Wheat is at $5.88 3/4, down 4 1/4 cents,
Dec 25 MGEX Wheat is at $6.07 3/4, down 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.