The wheat complex is experiencing a rally across major markets on Friday, with Chicago SRW futures increasing by 18 to 21 cents, KC HRW futures up 18 to 19 cents, and MPLS spring wheat rising by 13 to 16.5 cents. This surge is partly attributed to short covering as February concludes.
Weekly Export Sales for the week of February 19 show total export commitments at 22.998 million metric tons (MMT), which is 14% higher than the same period last year and represents 94% of the USDA’s total export estimate, slightly trailing behind the average pace of 96%.
Moreover, the French soft wheat crop is reported at 84% good/excellent, a decline of 4 percentage points from the previous week, according to FranceAgriMer.
