The wheat complex is experiencing gains across all markets on Friday, with Chicago SRW futures rising by 4 to 7 cents and KC HRW futures increasing by 4 to 9 cents. MPLS spring wheat is also up, trading with 5 to 7 cent gains at midday. As of the latest USDA Export Sales report, total commitments for old crop wheat sales stand at 24.94 million metric tons (MMT), which is 15% larger year-over-year and 102% of the USDA estimate.
Additionally, actual shipments have reached 22.056 MMT, representing 90% of the USDA’s projection. The May WASDE is set to be released on Tuesday, forecasting old crop stocks to decrease by 8 million bushels to 930 million bushels, with new crop US stocks estimated between 759 to 955 million bushels. The annual Kansas HRW wheat tour is scheduled for next week.
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