Wheat Pushing Higher to Close the Week

The wheat complex is trading with strength on Friday. Chicago SRW futures is showing fractional gains on Friday. KC HRW futures are trading with 6 to 7 cent gains across the front months to lead the wheat charge. MPLS spring wheat is 3 to 4 cents higher at midday on Friday.

Despite rains in the SRW country in the next week, the majority of the Southern Plains remain relatively dry via NOAA’s 7-day QPF.
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Weekly Export Sales from Thursday took the total wheat commitments to 24.252 MMT, up 15% from the same period last year. That is 99% of USDA’s export projection and near the 100% average sales pace. 

March Intentions data will be out on Tuesday, as traders are looking for 44.79 million acres of wheat this year, down 544,000 acres from a year ago if realized. 

Algeria purchased a total of an estimated 690,000 MT of wheat in a tender on Thursday. FranceAgriMer data showed the country’s winter wheat ratings at 84% good/excellent, matching the week prior’s rating. 

May 26 CBOT Wheat  is at $6.05 1/4, up 1/4 cent,

Jul 26 CBOT Wheat  is at $6.16 1/2, up 3/4 cent,

May 26 KCBT Wheat  is at $6.33 1/4, up 6 1/2 cents,

Jul 26 KCBT Wheat  is at $6.48, up 6 3/4 cents,

May 26 MIAX Wheat  is at $6.48 1/2, up 3 1/2 cents,

Jul 26 MIAX Wheat  is at $6.62 3/4, up 3 1/2 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.

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