The wheat complex is trading with strength on Friday. Chicago SRW futures is showing fractional gains on Friday. KC HRW futures are trading with 6 to 7 cent gains across the front months to lead the wheat charge. MPLS spring wheat is 3 to 4 cents higher at midday on Friday.
Despite rains in the SRW country in the next week, the majority of the Southern Plains remain relatively dry via NOAA’s 7-day QPF.
Weekly Export Sales from Thursday took the total wheat commitments to 24.252 MMT, up 15% from the same period last year. That is 99% of USDA’s export projection and near the 100% average sales pace.
March Intentions data will be out on Tuesday, as traders are looking for 44.79 million acres of wheat this year, down 544,000 acres from a year ago if realized.
Algeria purchased a total of an estimated 690,000 MT of wheat in a tender on Thursday. FranceAgriMer data showed the country’s winter wheat ratings at 84% good/excellent, matching the week prior’s rating.
May 26 CBOT Wheat is at $6.05 1/4, up 1/4 cent,
Jul 26 CBOT Wheat is at $6.16 1/2, up 3/4 cent,
May 26 KCBT Wheat is at $6.33 1/4, up 6 1/2 cents,
Jul 26 KCBT Wheat is at $6.48, up 6 3/4 cents,
May 26 MIAX Wheat is at $6.48 1/2, up 3 1/2 cents,
Jul 26 MIAX Wheat is at $6.62 3/4, up 3 1/2 cents,
