The wheat complex is trading higher on Friday’s midday. Chicago contracts are up 2 to 5 cents so far, with Kansas City HRW futures 1 to 4 ½ cents higher. MPLS is firm to 2 ¾ cents in the green.
Yesterday’s USDA’s WASDE update had a 25 mbu hike to the US carryout number for 23/24 on a 30 mbu drop to the feed & residual use and 5 mbu fewer imports. Stocks were pegged at 698 million bushel and above the average trade estimate (690 mbu).
French soft wheat conditions were rated at 64% gd/ex as of 4/8, a 1% decline from the week prior according to the FanceAgriMer. Last year’s soft wheat ratings were 94% gd/ex, with the current data the lowest for the current week since 2020. Russia’s ag ministry raised their wheat export tax by 1.3% to 3,276.6 roubles/MT (95 cents/bu) as of April 17 through April 23.
May 24 CBOT Wheat is at $5.56 3/4, up 5 cents,
Jul 24 CBOT Wheat is at $5.70 3/4, up 4 1/2 cents,
May 24 KCBT Wheat is at $5.85 3/4, up 2 1/2 cents,
Jul 24 KCBT Wheat is at $5.82 3/4, up 4 1/4 cents,
Jul 24 MGEX Wheat is at $6.48, up 2 3/4 cents,
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