Wheat Still Heading Higher on Friday
The wheat complex is fading some of the early morning strength at midday, but are still showing positive action on the day. Chicago SRW futures are up 9 to 11 cents on the day so far. KC HRW is up 7 to 9 cents in the nearbys. MPLS spring wheat is 3 to 6 cents higher on Friday.
USDA’s monthly WASDE update showed no change to the US balance sheet, with the 2024/25 US carryout left at 828 mbu. On the world side, USDA increased the stocks total by 0.6 MMT to 257.22 MMT, to add a little bearish flavor to things.
USDA’s Export Sales report from Thursday saw total wheat commitments at 10.844 MMT through September 5, a 4-year high and 30% larger than last year. That is also 48% of the USDA export forecast, with the 5- year average running 51% of that projection.
Sep 24 CBOT Wheat is at $5.63, down 3/4 cent,
Dec 24 CBOT Wheat is at $5.88 3/4, up 10 1/4 cents,
Sep 24 KCBT Wheat is at $5.78 1/2, down 2 1/4 cents,
Dec 24 KCBT Wheat is at $5.94 1/2, up 8 1/4 cents,
Sep 24 MGEX Wheat is at $5.94 1/4, up 5 1/4 cents,
Dec 24 MGEX Wheat is at $6.26 1/2, up 4 3/4 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.