The wheat market is posting 1 to 5 cent gains at Friday’s midday, a far cry from the early double digit morning gains. Chicago SRW futures are up 4 to 5 cents in the front months. Kansas City HRW contracts are 1 to 2 cents higher in most nearby contracts. MPLS spring wheat is 4 to 5 cents in the green across most contracts.
The monthly WASDE report will be out on Monday, with the trade showing expectations for a slight increase to all wheat ending stocks from July at 859 mbu, up 3 mbu. That would likely come from an expected hike to production.
France’s Ag Ministry cut the country crop estimate by 3.3 MMT to 26.3 MMT. FranceAgriMer also reported 88% of the country’s harvest now complete. The crop was rated at 48% gd/ex another 2% drop from the week prior.
Russia’s wheat crop was hiked by IKAR in their most recent estimate by 0.6 MMT to 83.8 MMT. SovEcon’s estimate went the opposite direction, cutting the crop by 1.8 MMT to 82.9 MMT.
Algeria’s tender saw purchases of between 600,000 MT of wheat on Thursday.
Sep 24 CBOT Wheat is at $5.42, up 4 1/2 cents,
Dec 24 CBOT Wheat is at $5.65 3/4, up 4 1/4 cents,
Sep 24 KCBT Wheat is at $5.53 1/2, up 2 cents,
Dec 24 KCBT Wheat is at $5.70 1/4, up 1 1/2 cents,
Sep 24 MGEX Wheat is at $5.90 1/4, up 5 cents,
Dec 24 MGEX Wheat is at $6.09 1/4, up 4 cents,
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