Wheat Showing Mixed Action on Friday
The wheat market mixed across the three markets on Friday. Chicago SRW wheat is 5 to 7 cents higher so far on the day. KC HRW contracts are fractionally to 2 cents in the green. MPLS spring wheat is mixed, with September up ½ cent.
Traders surveyed by Bloomberg are looking for all wheat acreage to total 45.4 million acres on Monday, with spring wheat at 10 million acres and 2 million for durum. June 1 wheat stocks are seen at 836 mbu, which would be the final tally for 2024/25 wheat and a 5 mbu reduction from the June WASDE estimate.
Export Sales data has export commitments at 6.608 MMT as of June 19, which is a 5-year high. That is also 29% of USDA’s full year forecast and ahead of the 28% average.
South Korean mills purchased a total of 82,000 MT of US wheat in 2 tenders overnight.Canadian wheat acreage is estimated to total 26.925 million acres according to Statistics Canada data, which is up 1% from last Spring wheat is seen down 0.7% to 18.809 million acres, with Durum up 2.69% and winter wheat up 244,000 acres.
Jul 25 CBOT Wheat is at $5.27 1/4, up 6 1/4 cents,
Sep 25 CBOT Wheat is at $5.41 3/4, up 5 cents,
Jul 25 KCBT Wheat is at $5.19, up 3/4 cent,
Sep 25 KCBT Wheat is at $5.35 1/4, up 1 1/2 cents,
Jul 25 MGEX Wheat is at $6.04, down 2 3/4 cents,
Sep 25 MGEX Wheat is at $6.26, up 1/2 cent,
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.