The wheat complex is trading with losses across most contracts so far on the Thursday session. Chicago SRW futures are down 9 to 10 cents in most contracts. KC HRW futures are down 5 to 6 cents at midday. MPLS spring wheat is steady to a penny lower. Crude oil is falling $11.27 on the day following Iran agreeing to open the Strait of Hormuz this morning.
Export Sales data will from Thursday now has the total commitments for old crop wheat at 24.54 MMT, which is slightly above the USDA projection vs. the 102% average pace. Shipments are 20.69 MMT, which is 84% of USDA’s number and matches the average shipping pace.
The French soft wheat crop is estimated at 84% good to excellent according to the FranceAgriMer, steady with the ratings from the week prior. Durum was rated at 81% gd/ex.
The forecast from NOAA for the next week shows no percip expected for much of western KS through the TX panhandle. Rain is still expected in parts of eastern KS, through IL and IN mainly in the next couple days.
May 26 CBOT Wheat closed at $5.89 1/2, down 9 cents,
Jul 26 CBOT Wheat closed at $5.96 1/2, down 10 cents,
May 26 KCBT Wheat closed at $6.36 3/4, down 6 cents,
Jul 26 KCBT Wheat closed at $6.49 3/4, down 5 1/4 cents,
May 26 MIAX Wheat closed at $6.51 3/4, down 1 cent,
Jul 26 MIAX Wheat closed at $6.67, unch,
