On Friday, the wheat complex experienced declines, with Chicago Board of Trade (CBOT) futures down 5 to 6 cents, Kansas City HRW contracts down 5 to 7 cents, and Minneapolis spring wheat also showing losses of 5 to 6 cents at midday. The total wheat export commitments currently stand at 9.571 million metric tons (MMT), slightly below the same period in 2020/21 and representing 41% of the USDA’s projected total, ahead of the 39% average sale pace.
Sovecon estimates the Russian wheat crop at 83.3 MMT, a decrease from the previous estimate of 83.6 MMT. In France, the soft wheat crop is reported to be 89% harvested according to FranceAgriMer. Key September and December wheat prices include CBOT at $5.17 1/2 and $5.37 1/2, KCBT at $5.19 1/4 and $5.39, and MGEX at $5.72 and $5.95 1/2, all showing declines between 5 and 7 cents.
