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The wheat market experienced losses on Friday, with CBT soft red wheat futures declining by 7 to 7¼ cents, and KC HRW futures falling by 7 to 8 cents. MPLS spring wheat futures were down 5 to 6 cents amid a lack of bullish momentum following previous gains.
The USDA’s weekly Export Sales report revealed that export sale commitments reached 13.699 million metric tons (MMT), marking a 23% increase from last year and the highest since the 2013/14 season. This represents 56% of the USDA’s export projection and is ahead of the five-year average pace of 54%.
Looking ahead, USDA’s Grain Stocks report will be released on Tuesday, with analysts estimating wheat stocks on hand at 2.054 billion bushels (bbu) as of September 1, with estimates ranging from 1.975 to 2.22 bbu.
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