The wheat market is extending the weakness so far on Friday, with losses across the three exchanges. Chicago SRW futures are 1 to 2 cents lower at midday. Today is first notice day for March futures, with 466 deliveries issued overnight. KC HRW futures are down 7 to 10 cents so far on Friday. There were 314 deliveries issued against March KC wheat on FND. MPLS spring wheat is up 2 cents in the nearby March, with other contracts lower.
Precip is expected to creep into eastern portions of the Plains over the next week, with the SRW region looking at more widespread wetness.
President Trump’s 25% tariffs on Mexico and Canada are still set for a March 4 start date after some back and forth this week.
Export Sales data shows total export commitments now at 20.144 MMT for the marketing year, which is 87% of USDA’s export forecast and lagging the 95% average sales pace. Actual shipments are 14.969 MMT, which is 64% of USDA’s estimate and behind the 71% average shipping pace.
FranceAgriMer estimates the French soft wheat crop at 73% gd/ex, which is down from 74% last week. The durum wheat crop was also back 1% to 82% gd/ex.
Mar 25 CBOT Wheat is at $5.45 3/4, down 1 cent,
May 25 CBOT Wheat is at $5.60 1/2, down 2 cents,
Mar 25 KCBT Wheat is at $5.63 1/2, down 7 3/4 cents,
May 25 KCBT Wheat is at $5.75 3/4, down 9 1/2 cents,
Mar 25 MGEX Wheat is at $5.89, up 2 cents,
May 25 MGEX Wheat is at $6.00 1/4, down 4 1/2 cents,
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