Wheat Holding Gains at Midday
Wheat futures showed modest gains on Friday, with Chicago futures up 6 to 8 cents, Kansas City contracts gaining 4 to 6 ½ cents, and MPLS spring wheat rising 6 to 8 ½ cents. The USDA Export Sales report shows U.S. export commitments at 7.76 MMT, 35% of the annual projection. FranceAgriMer estimates the French soft wheat crop at 52% good/excellent, down 5% from the previous week. September 24 CBOT wheat is at $5.42 1/2, up 7 1/4 cents.
Wheat futures are showing modest strength on Friday, holding some of the overnight gains. Chicago futures are back up 6 to 8 cents at midday. Kansas City contracts are showing 4 to 6 ½ cent gains on the session. MPLS spring wheat is continuing its ascent, with midday gains of 6 to 8 ½ cents.
Following USDA’s Export Sales report from Thursday, US export commitments for wheat are now 35% of the full year USDA projection at 7.76 MMT, 1% ahead of the average pace. Actual shipments are 2.2 MMT, 9% of that forecast and 1% below the 5-year average.
FranceAgriMer estimates the French soft wheat crop at 52% gd/ex, a 5% drop from the week prior. Last year was 80%. The crop is now 14% harvested, compared to 51% last year and an average at 43%.
Sep 24 CBOT Wheat is at $5.42 1/2, up 7 1/4 cents,
Dec 24 CBOT Wheat is at $5.68, up 8 cents,
Sep 24 KCBT Wheat is at $5.69 1/4, up 6 1/2 cents,
Dec 24 KCBT Wheat is at $5.85 1/2, up 6 1/2 cents,
Sep 24 MGEX Wheat is at $6.08 3/4, up 8 1/4 cents,
Dec 24 MGEX Wheat is at $6.28 3/4, up 8 1/2 cents,
Source Link : https://www.nasdaq.com/articles/wheat-holding-gains-midday
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