Wheat futures are showing losses across the markets on Friday morning. The wheat complex closed out Thursday with losses across the three exchanges. Chicago SRW futures were down 2 to 5 to close the day. KC HRW contracts were fractionally to 2 cents lower across the board. MPLS spring wheat was down 4 to 5 ½ cents on the session.
All wheat 2024/25 export sales came in at a MY low of 158,938 MT, which came in below the 200,000 to 600,000 MT estimates during the week of September 19. Chile was the largest buyer of 83,000 MT, with the Philippines buying 49,700 MT in that week. Unknown destination cancelled 156,600 MT, with most being switched to a destination.
Commitments for all wheat exports are at 11.259 MMT, a 4-week high and 22% above last year. That is 50% of the USDA export projection, which lags the 54% of the 5-year average sales pace for the current week.
The Russian 2024/25 wheat crop is projected at 81.8 MMT according to IKAR, down 0.4 MMT from the previous estimate. Japan purchased a total of 112,580 MT of wheat in their weekly tender from Australia, Canada, and the US, with 64,510 MT US specific. The FranceAgriMer estimates the French soft wheat crop at 1% planted as of 9/23.
Dec 24 CBOT Wheat closed at $5.84 1/4, down 5 cents, currently down 3 cents
Mar 25 CBOT Wheat closed at $6.04 1/4, down 4 cents, currently down 3 cents
Dec 24 KCBT Wheat closed at $5.79, down 2 cents, currently down 4 cents
Mar 25 KCBT Wheat closed at $5.93 3/4, down 1 1/2 cents, currently down 3 1/4 cents
Dec 24 MGEX Wheat closed at $6.11 1/2, down 5 1/2 cents, currently down 4 1/4 cents
Mar 25 MGEX Wheat closed at $6.33 1/2, down 5 cents, currently down 4 1/4 cents
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