On Friday, the wheat complex is experiencing modest declines, with Chicago SRW futures down by 1 to 3 cents, KC HRW futures decreasing by 7 to 8 cents, and MPLS spring wheat losing 2 to 3 cents. Notably, the CBoT will be closed on Monday for Memorial Day, resuming normal trading on Tuesday.
Export sales data indicates old crop wheat commitments at 25.241 million metric tons (MMT), reflecting a 16% increase from last year and exceeding the USDA forecast by 102%. However, new crop business is lagging significantly, totaling 2.029 MMT, a decrease of 51.45% compared to the same week last year.
Additionally, FranceAgriMer reports that 80% of the French soft wheat crop is rated in good to excellent condition, stable from the previous week. In a related development, Argentina has reduced its wheat export tax from 7.5% to 5.5% as of late Thursday.
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