The wheat market was in rally mode to close out the week, after USDA reported a solid round of export activity. Chicago futures were up 12 to 18 cents on the Friday session. Kansas City contracts were 13 to 15 ½ cents higher at the closing bell. MPLS spring wheat was 9 to 11 cents in the green.
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 closed at $5.72 1/4, up 17 3/4 cents,
Sep 24 CBOT Wheat closed at $5.90 1/2, up 16 1/2 cents,
Jul 24 KCBT Wheat closed at $5.95 1/4, up 13 3/4 cents,
Sep 24 KCBT Wheat closed at $5.99, up 15 1/2 cents,
Jul 24 MGEX Wheat closed at $6.21, down 7 cents,
Sep 24 MGEX Wheat closed at $6.33 1/4, up 10 1/2 cents,
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