Wheat Market Mixed at Midday
The wheat complex is trading with mixed action, as spring wheat is holding higher. Chicago SRW futures are 3 to 4 cents lower on the day. The Kansas City HRW contracts are 3 to 4 cents in the red at midday. Minneapolis spring wheat futures are up 5 to 7 cents. The market will be closed on Monday for Memorial Day, as well as the government reports delayed, with a normal 7:00 pm CDT open on Monday.
The 7-day forecast is looking for rains across much of the Southern Plains in the next week, with the eastern part getting heavier totals.
Export Sales data has commitments for wheat at 21.682 MMT, which is 97% of USDA’s forecast and lags the 105% average pace. New crop total sales are now 4.18 MMT, which is the largest for the current week since 2013/14 MMT.
The FranceAgriMer shows an estimated 71% of the French wheat crop at 71% good/excellent, which was down 73% from the week prior.
Jul 25 CBOT Wheat is at $5.41, down 3 1/2 cents,
Sep 25 CBOT Wheat is at $5.56 3/4, down 3 3/4 cents,
Jul 25 KCBT Wheat is at $5.36 3/4, down 3 1/4 cents,
Sep 25 KCBT Wheat is at $5.51 3/4, down 3 1/4 cents,
Jul 25 MGEX Wheat is at $6.05 3/4, up 5 1/2 cents,
Sep 25 MGEX Wheat is at $6.20 1/4, 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.