Wheat Rally Leading the Grain Bull’s Charge on Friday
Wheat futures surged as weather risks and tight outlook supported prices. Drier conditions across US HRW areas flagged by NOAA, lower French ratings from FranceAgriMer, and steady demand lifted sentiment, despite weak export sales. Chicago contracts climbed sharply, keeping the global wheat market firmly in rally mode this Friday session.
The wheat complex is in rally mode so far on Friday. Chicago SRW futures are posting 13 to 14 cent gains at the midday portion of the session. KC HRW futures are 12 to 13 1/4 cents higher on Friday. MPLS spring wheat is 7 to 8 cents in the green at midday
Export sales data from this morning showed 287,974 MT of wheat sold in the week of 2/12, on the lower end of the 250,000 MT and 600,000 MT range of estimates. That was down 40.99% from last week and a 45.94% drop from the same week last year.
A majority of the US HRW area is expected to be drier in the next week, with a longer term 90 day CPC outlook from NOAA released on Thursday showing warmer temps in the southern and dryness through May.
French soft wheat ratings are pegged at 88% good/excellent according to FranceAgriMer, down 3 points from last week.
Mar 26 CBOT Wheat is at $5.73, up 13 1/2 cents,
May 26 CBOT Wheat is at $5.80 3/4, up 14 cents,
Mar 26 KCBT Wheat is at $5.78, up 12 1/2 cents,
May 26 KCBT Wheat is at $5.90, up 13 1/4 cents,
Mar 26 MIAX Wheat is at $5.90, up 7 1/2 cents,
May 26 MIAX Wheat is at $6.02, up 7 1/2 cents.
To Read more about Wheat News continue reading Agriinsite.com
Source : Nasdaq.com
