Wheat Market Sees Mixed Performance as Export Sales Decline
The wheat complex is exhibiting mixed trends this Friday after an initial rise, with Kansas City (KC) wheat contracts attempting to lead the upward movement. By midday, Chicago Soft Red Winter (SRW) futures are experiencing slight losses. In contrast, Kansas City Hard Red Winter (HRW) futures are making gains, up 1 to 2 cents in the front months. Meanwhile, Minneapolis (MPLS) spring wheat prices are retreating, down 1 to 2 cents at midday.
Looking ahead to the Southern Plains, weather forecasts predict limited rains, particularly heavier totals in South Central Texas, while the panhandle extending through western Kansas remains dry.
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Recent USDA Export Sales data released on Thursday recorded a marketing year low with net reductions of 248,849 metric tons. This reduced the export sale commitments for U.S. wheat to 21.026 million metric tons for the 2024/25 marketing year, which remains 14% above the same week last year. Currently, the sales pace stands at 93% of the USDA’s export projection, trailing the 99% average pace observed over the last five years.
In addition, FranceAgriMer reported that French soft wheat ratings have remained stable at 74% good to excellent, consistent with the previous week’s ratings.
May 25 CBOT Wheat: $5.56 3/4, down 1/2 cent
Jul 25 CBOT Wheat: $5.73 1/4, down 1/4 cent
May 25 KCBT Wheat: $5.88 1/4, up 1 3/4 cents
Jul 25 KCBT Wheat: $6.02 3/4, up 1 3/4 cents
May 25 MGEX Wheat: $6.03 1/4, down 1 1/2 cents
Jul 25 MGEX Wheat: $6.19 1/4, down 1 1/4 cents
On the date of publication, Austin Schroeder did not hold (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are for informational purposes only. For more information, please view the Barchart Disclosure Policy here.
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