On Friday, the wheat market recorded gains across all three exchanges, with CBT soft red wheat futures rising by 3 to 5 ¼ cents. KC HRW futures increased by 2 to 4 ¾ cents, while MPLS spring wheat saw a rise of 1 to 6 ½ cents. Preliminary open interest showed a decrease of 10,649 contracts, suggesting short covering. The market will be closed on Monday for Labor Day.
According to Thursday’s Export Sales report, wheat sales (shipped and unshipped) for the marketing year reached 12.152 million metric tons (MMT), accounting for 51% of the USDA projection and exceeding the average sales pace of 47%. This week marked the largest sales volume since 2013/14. Weather forecasts predict 1 to 3 inches of rain in the Southern Plains, while parts of North Dakota, Montana, and the PNW may experience drier conditions, which could benefit the spring wheat harvest.
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