Wheat Posting Double Digit Gains on Friday AM Trade
The wheat market is trading with early strength on Friday, as the bulls beat the bears out of bed. Most contracts are up by double digits. Wheat posted Thursday gains across the three markets at the close. Chicago SRW futures were up 3 to 4 cents in the front months. KC HRW futures posted 6 to 8 cent gains on the session. MPLS spring wheat was 2 to 4 cents in the green to round out the day. The markets will be closed on Monday for President’s Day, with a normal open for the Tuesday session.
Export Sales data from Thursday showed a 7-week high in wheat sales for 2024/25 at 569,561 MT in the week that ended on February 6. That took the full year total to 19.338 MMT, which is 84% of USDA’s projection and 8 percentage points back of the normal pace.
EU wheat production is expected to total 127.7 MMT according to the latest estimate from Strategie Grains, up 0.5 MMT from the previous number. The French soft wheat crop was estimated at 73% good/excellent, as of 2/10, up 5 percentage points from the same point last year. Durum conditions were rated at 84% gd/ex, up from 75% last year.
Mar 25 CBOT Wheat closed at $5.77 3/4, up 3 1/2 cents, currently up 12 3/4 cents
May 25 CBOT Wheat closed at $5.92, up 4 cents, currently up 12 3/4 cents
Mar 25 KCBT Wheat closed at $5.98 1/4, up 6 3/4 cents, currently up 12 1/2 cents
May 25 KCBT Wheat closed at $6.09 1/2, up 7 1/2 cents, currently up 12 1/2 cents
Mar 25 MGEX Wheat closed at $6.16 3/4, up 2 cents, currently up 9 3/4 cents
May 25 MGEX Wheat closed at $6.31 1/2, up 3 1/4 cents, currently up 10 1/4 cents
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.