Wheat Prices Reflect Modest Gains Amid Export Sales Data
Wheat is trading with modest gains on Friday across three key markets. Midday reports indicate that Chicago SRW futures are up slightly, while Kansas City HRW contracts also show fractional increases. MPLS spring wheat remains steady, with a minor decline of a penny. Notably, May options are set to expire today.
Export Sales Overview
Export Sales data reveals a total of 21.483 million metric tons (MMT) of wheat have been sold for export since June 1, which is 14% more than the same period last year. Despite this increase, it represents only 96% of the USDA’s forecast, which falls short of the average sales pace of 103%.
Crop Quality Estimates
In France, FranceAgriMer estimates that the soft wheat crop is rated 74% good to excellent, a slight drop from last week’s 75% rating.
Current Futures Prices
Current futures prices are as follows:
- May 25 CBOT Wheat: $5.29 3/4, up 1/2 cents
- July 25 CBOT Wheat: $5.45 1/4, up 3/4 cents
- May 25 KCBT Wheat: $5.38 1/2, up 3/4 cents
- July 25 KCBT Wheat: $5.50 3/4, unchanged
- May 25 MGEX Wheat: $5.92 1/4, down 1/4 cents
- July 25 MGEX Wheat: $6.07 1/4, down 1/2 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 report are for informational purposes only. For further details, please view the Barchart Disclosure Policy here.
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
