As of midday Friday, Chicago SRW wheat futures are up 13 to 14 cents, while KC HRW futures are increasing by 12 to 13.25 cents, and MPLS spring wheat is gaining 7 to 8 cents. These price movements follow the release of export sales data showing 287,974 metric tons of wheat sold in the week of February 12, a decrease of 40.99% from the previous week and a 45.94% drop from the same week last year.
Looking ahead, a majority of the U.S. hard red winter wheat (HRW) area is anticipated to experience drier conditions over the next week. Additionally, a 90-day outlook from NOAA predicts warmer temperatures for the southern regions and continuing dryness through May. In France, soft wheat ratings have dropped to 88% good/excellent, reflecting a decrease of 3 points from the previous week.
