Wheat futures are proving to be the strongest part of the ags so far on Friday, as all three exchanges are showing gains. Chicago SRW futures are up 4 to 5 cents in the nearby contracts. KC HRW is posting 4 to 5 cent gains so far on the session. MPLS spring wheat is up 6 to 7 cents to lead the complex higher.
All wheat export sales for the 2024/25 marketing year have totaled 8.99 MMT according to the FAS Export Sales report, which accounts for 40% of the USDA projection and lags the 43% average pace. Early shipments just over 2 months into the marketing year are 3.95 MMT, up 24% over last year and 17% of the USDA forecast.
Ukraine’s ag ministry expected the country’s wheat crop to total 21.7 MMT, compared to the 21.6 MMT update from USDA on Monday. Russia hiked their export tax on wheat to 828.4 rubles per MT for the week starting 8/21more than 3x the rate for the current week. FranceAgriMer pegs the French soft wheat harvest at 98% complete, with the crop rating dropping from 49% to 48%.
Sep 24 CBOT Wheat is at $5.32 1/2, up 4 1/4 cents,
Dec 24 CBOT Wheat is at $5.54 3/4, up 4 1/2 cents,
Sep 24 KCBT Wheat is at $5.41 3/4, up 4 3/4 cents,
Dec 24 KCBT Wheat is at $5.57, up 4 1/4 cents,
Sep 24 MGEX Wheat is at $5.93, up 6 3/4 cents,
Dec 24 MGEX Wheat is at $6.08 1/2, up 6 1/2 cents,
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