The wheat complex saw significant gains on Friday, with Chicago SRW futures rising 14 to 16 cents and KC HRW futures up 19 to 20 cents. MPLS spring wheat also gained 12 to 13 cents by midday. Crude oil prices increased by $1.19 at the same time.
The USDA reported wheat export commitments at 23.663 million metric tons (MMT), marking an 11% increase from last year and reaching 97% of the USDA’s projected total of 900 million bushels (mbu). Shipment data is notably ahead of schedule at 18.894 MMT, equating to 77% of USDA’s projections.
In international trade, South Korean importers purchased 50,000 MT of U.S. wheat. Additionally, FranceAgriMer estimated the French wheat crop at 84% good/excellent, consistent with the previous week.
