Wheat Closes Mixed on Friday
Wheat prices dropped on Friday, with Chicago SRW futures losing up to 5.5 cents, marking a decline of over 40 cents for the month. The weekly Export Sales report showed a decrease of 33.26% in wheat sales from the previous week, with the largest buyer being unknown destinations. France’s soft wheat crop is 93% planted, and Russia has set an export quota of 11 million tonnes for the period between February and June 2025.
Wheat faced some pressure on Friday, as the winter wheats were the weakest. Chicago SRW futures were down ½ to 5 ½ cents on the day, with March down 16 ¾ cents this week and 42 ¼ cents on the month. KC HRW contracts were 2 3/4 to 5 ½ cents lower on the session with March losing 24 ¾ cents on the week and 42 ¼ cents this month. MPLS spring wheat was the strongest of the three, with Dec up 8 cents and the others withing ½ cents of unchanged. March MPLS was down 9 ¾ cents this week and down 36 ½ cents this month.
The weekly Export Sales report showed 366,804 MT in wheat sales for the week of 11/21, in the middle of the 200,000 and 600,000 MT estimates. That was a 9-week low and down 33.26% from the week prior. The largest buyer was unknown destinations at 95,000 MT, with 59,100 MT sold to Taiwan.
The FranceAgriMer shows the country’s soft wheat crop at 93% planted, above the 90% from the week prior, with 87% listed as good/excellent, down 1% from last week. The European Commission showed the EU 2024/25 wheat crop at 112.3 MMT, down 0.3 MMT from the previous number.
Russia has set an export quota on wheat for 2/15 through 6/30 next spring at 11 MMT. That is down from the 29 MMT quota in the same period for 2024, though that included corn and barley (which combined to total 12.8 MMT in full year shipments for 2023/24 according to USDA data).
Dec 24 CBOT Wheat closed at $5.32 1/4, down 5 1/2 cents,
Mar 25 CBOT Wheat closed at $5.48, down 1/2 cent,
Dec 24 KCBT Wheat closed at $5.20 3/4, down 5 1/2 cents,
Mar 25 KCBT Wheat closed at $5.40 3/4, down 3 3/4 cents,
Dec 24 MGEX Wheat closed at $5.72 1/2, up 8 cents,
Mar 25 MGEX Wheat closed at $5.91 3/4, up 1/2 cent.
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