The wheat complex is facing mixed action on Friday after early strength, with KC trying to lead the way higher. Chicago SRW futures are showing fractional losses at midday on Friday. Kansas City HRW contracts are trading with gains on Friday, up 1 to 2 cents in the front months. MPLS spring wheat is slipping back 1 to 2 cents at midday.
A look to the next week in the Southern Plains sees limit rains, with heavier totals in South Central Texas. The panhandle up through western KS is dry.
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USDA Export Sales data from Thursday showed a MY low at net reductions of 248,849 MT. That trimmed export sale commitments for US wheat to 21.026 MMT for the 2024/25 MY, still 14% above the same week last year. That put the current sales pace at 93% of the USDA export projection, lagging behind the 99% average pace from the last 5 years.
FranceAgriMer showed French soft wheat ratings at 74% gd/ex, which was steady with the previous week’s ratings.
May 25 CBOT Wheat is at $5.56 3/4, down 1/2 cent,
Jul 25 CBOT Wheat is at $5.73 1/4, down 1/4 cent,
May 25 KCBT Wheat is at $5.88 1/4, up 1 3/4 cents,
Jul 25 KCBT Wheat is at $6.02 3/4, up 1 3/4 cents,
May 25 MGEX Wheat is at $6.03 1/4, down 1 1/2 cents,
Jul 25 MGEX Wheat is at $6.19 1/4, down 1 1/4 cents,
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