Wheat Bears Pushing Lower at Midday
The wheat complex is falling lower at midday, with all three exchanges in the red. Chicago SRW futures are 6 to 7 cents lower so far on Friday. KC contracts are down 4 to 5 cents at midday. MPLS spring wheat is the firmest of the three, with fractional losses so far.
USDA’s Export Sales data tallied 8.984 MMT of wheat sold so far for this marketing year. That is 39% of the USDA estimate and above the average sales pace of 37%.
The final results for the spring wheat tour estimated the North Dakota yield at 49.0 bpa, which is below the 54.5.7 bpa average last year, but above the 44.6 bpa 5-year average.
A South Korean importer purchased a total of 85,200 MT of wheat from the US on Friday morning. FranceAgriMer estimates the soft wheat harvest at 86% complete, up from 71% last week.
Sep 25 CBOT Wheat is at $5.35 1/4, down 6 1/4 cents,
Dec 25 CBOT Wheat is at $5.55 1/4, down 6 cents,
Sep 25 KCBT Wheat is at $5.24, down 4 1/2 cents,
Dec 25 KCBT Wheat is at $5.45 1/2, down 4 1/4 cents,
Sep 25 MGEX Wheat is at $5.84 3/4, down 3/4 cent,
Dec 25 MGEX Wheat is at $6.06 1/4, down 1/2 cent,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.