The wheat market is putting on a strong showing following a solid round of export activity. Chicago futures are up 15 to 19 cents so far on the Friday session. Kansas City contracts are up 12 to 15 cents at midday. MPLS spring wheat is showing 7 to 12 cent gains across most contracts.
This morning’s Export Sales report saw all wheat bookings running 805,318 MT during the week that ended on June 27. That was the largest sale total since China came in last December and bested the 350,000 to 700,000 MT expectations heading into the report. Mexico purchased 154,700 MT, with 154,400 MT sold to the Philippines.
Japan’s weekly tender showed 129,660 MT of wheat purchased from the three usual suspects, Australia, Canada, and the US, with 59,670 US specific. With the French soft wheat harvest just beginning, the FranceAgriMer saw conditions deteriorating to 58% gd/ex, a 2% decline on the week.
Jul 24 CBOT Wheat is at $5.73, up 18 1/2 cents,
Sep 24 CBOT Wheat is at $5.90 1/2, up 16 1/2 cents,
Jul 24 KCBT Wheat is at $5.94 1/4, up 12 3/4 cents,
Sep 24 KCBT Wheat is at $5.98 1/4, up 14 3/4 cents,
Jul 24 MGEX Wheat is at $6.21, down 7 cents,
Sep 24 MGEX Wheat is at $6.33 1/4, up 10 1/2 cents,
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