Wheat is showing early gains so far on Friday morning. The wheat complex faced weakness on Thursday following a weak Export Sales report. Chicago SRW futures fell back 6 to 7 cents on the day. Preliminary open interest was up 4,254 contracts. Kansas City HRW contracts were down another 7 to 9 cents on the Thursday session. Preliminary open interest was p 3,134 contracts on Thursday. MPLS spring wheat was down 7 cents in the front months at the final bell. Strength in the US dollar index continued to put some pressure on the market.
USDA Export Sales data from Thursday showed a MY low at net reductions of 248,849 MT. Vietnam was the buyer of 69,500 MT, with Indonesia in for 62,000 MT. Panama cancelled 272,900 MT, with net reduction of 123,800 MT for unknown destinations. New crop bookings were tallied at 491,092 MT, a MY high.
Export Sale commitments for US wheat are now at 21.026 MMT for the 2024/25 MY, still 14% above the same week last year. That put the current sales pace at 93% of the USDA export projection, lagging behind the 99% average pace from the last 5 years.
Thursday’s release of the monthly International Grains Council report showed world wheat production for 2024/25 up 2 MMT to 799 MMT, with stocks up 1 MMT to 265 MMT. The first look at 2025/26 estimates showed an 8 MMT increase in production yr/yr, but consumption increased to take projected stocks down 6 MMT to 259 MMT.
FranceAgriMer showed French soft wheat ratings at 74% gd/ex, which was steady with the previous week’s ratings.
May 25 CBOT Wheat closed at $5.57 1/4, down 6 1/4 cents, currently up 1/4 cent
Jul 25 CBOT Wheat closed at $5.73 1/2, down 6 1/2 cents, currently up 1/4 cent
May 25 KCBT Wheat closed at $5.86 1/2, down 8 1/4 cents, currently up 1 cent
Jul 25 KCBT Wheat closed at $6.01, down 7 3/4 cents, currently up 1 1/4 cents
May 25 MGEX Wheat closed at $6.04 3/4, down 7 cents, currently down 1 cent
Jul 25 MGEX Wheat closed at $6.20 1/2, down 7 cents, currently down 1 cents
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