Wheat Rallying Ahead of 3-day Weekend
Wheat futures rallied Friday amid concerns over winter kill in the U.S. and Black Sea regions. Chicago SRW, KC HRW, and MPLS spring wheat posted gains. U.S. export sales reached 19.338 MMT, 84% of USDA’s target. France’s wheat crop conditions improved year-over-year. Markets will be closed Monday for President’s Day, reopening Tuesday.
The wheat market is gathering some steam at Friday’s midday, rallying across the three exchanges. Cold temps in parts of the US with little now cover, as well as the Black Sea growing regions and the potential for some winter kill in the coming week is giving the market some support.
Chicago SRW futures are up 20 to 23 cents in the front months. KC HRW futures are rallying 20 to 21 cents so far on the session. MPLS spring wheat is 16 cents in the green so far out the day. The markets will be closed on Monday for President’s Day, with a normal open for the Tuesday session.
Export Sales data from Thursday showed the full year total sales commitments at 19.338 MMT, which is 84% of USDA’s projection and 8 percentage points back of the normal pace.
The French soft wheat crop was estimated at 73% good/excellent, as of 2/10, up 5 percentage points from the same point last year. Durum conditions were rated at 84% gd/ex, up from 75% last year.
Mar 25 CBOT Wheat is at $6.00 1/4, up 22 1/2 cents,
May 25 CBOT Wheat is at $6.14 1/4, up 22 1/4 cents,
Mar 25 KCBT Wheat is at $6.19, up 20 3/4 cents,
May 25 KCBT Wheat is at $6.30 1/4, up 20 3/4 cents,
Mar 25 MGEX Wheat is at $6.32 3/4, up 16 cents,
May 25 MGEX Wheat is at $6.47 1/2, up 16 cents.
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Source : Nasdaq.com
