The wheat complex is experiencing mixed trading trends as of midday Friday. Chicago SRW futures have risen by 2 to 3 cents, while Kansas City HRW is showing fractional losses. Minneapolis spring wheat has gained 2 to 3 cents in trading.
According to Thursday’s Export Sales report, total export commitments for wheat have reached 11.093 million metric tons (MMT), marking a 28% increase from the same time last year and the highest figure in four years. This accounts for 49% of the USDA’s export projection, compared to a five-year average of 52%. Additionally, Ukraine’s agriculture ministry has reduced its forecast for the 2024/25 winter wheat planted area by 4.5% to 11.07 million acres.
As of the latest figures, Dec 24 CBOT Wheat is priced at $5.68 1/2 (up 3 cents), Mar 25 CBOT Wheat is at $5.87 3/4 (up 2 3/4 cents), Dec 24 KCBT Wheat is at $5.64 (down 1/2 cent), Mar 25 KCBT Wheat is at $5.78 (down 1/4 cent), Dec 24 MGEX Wheat is at $6.09 3/4 (up 2 cents), and Mar 25 MGEX Wheat is at $6.32 1/4 (up 2 1/2 cents).
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