Wheat futures showed fractional losses on Friday morning, with Chicago SRW futures closing steady. Preliminary open interest rose by 429 contracts. Notably, KC HRW futures declined by 2 cents, while MPLS spring wheat saw slight gains. Export sales for the week of January 1 totaled 118,701 MT, falling short of expectations, but still representing a 6.64% increase from the same week last year. The Philippines emerged as the largest buyer, purchasing 61,000 MT.
Census data revealed that 1.96 MMT (72.2 mbu) of wheat was shipped in October, the highest in six years but a 39.19% decrease from the previous month. The USDA is set to release updated WASDE figures on Monday, projecting a 5 mbu reduction in wheat ending stocks to 896 mbu. Current trading includes Mar 26 CBOT Wheat at $5.18, unchanged from the previous close.
