The wheat market is showing weakness as contracts trade lower on Friday. Chicago SRW futures have decreased by 7 to 8 cents, while Kansas City HRW contracts are down by 10 to 11 cents at midday. Minneapolis spring wheat futures are also declining, down 4 to 5 cents.

Results from the Hard Red Wheat Tour

The annual Hard Red Wheat Tour wrapped up on Thursday, reporting an average yield of 53 bushels per acre, marking a four-year high. Kansas wheat production is estimated at 338.5 million bushels. Additionally, heavy rainfall is expected in parts of the eastern southern Plains and extending into the SRW growing area over the next week.

Export Sales and Current Market Commitment

The latest weekly Export Sales report shows old crop commitments for wheat at 21.689 MMT, which constitutes 97% of the USDA’s export forecast with just over three weeks left in the marketing year. The average commitment for this time usually stands at 104%. According to the FAS, actual exports have reached 19.637 MMT, amounting to just 87% of the forecast, with the average shipping pace at 93%.

International Developments and Crop Conditions

FranceAgriMer’s recent estimates indicate that 73% of the French soft wheat crop is rated as good/excellent, representing a slight drop of 1 percentage point from the previous week. In another development, South Korean mills are tendering for 50,000 MT of U.S. wheat.

Current Wheat Futures Prices

Sep 25 CBOT Wheat is priced at $5.38 3/4, down 7 3/4 cents.

Dec 25 CBOT Wheat is at $5.60 1/2, down 7 1/2 cents.

Sep 25 KCBT Wheat is at $5.31 3/4, down 10 1/4 cents.

Dec 25 KCBT Wheat is trading at $5.54 1/2, down 10 cents.

Sep 25 MGEX Wheat is at $5.88 3/4, down 4 1/4 cents.

Dec 25 MGEX Wheat is at $6.07 3/4, down 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 are solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.

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