Wheat Rallying as Dollar Collapses
Wheat futures rebounded sharply Friday, recovering Thursday’s losses. CBOT SRW wheat rose 16–18 cents, KCBT HRW gained 12–14 cents, and MGEX spring wheat added 13–15 cents. The rally follows USDA data showing wheat export sales at 96.55% of projections. Meanwhile, French soft wheat ratings dipped to 75% good/excellent. May CBOT wheat ended at $5.56, up 18 cents.
The wheat complex is taking back the weakness from Thursday, as contracts are up double digits across the three exchanges, as the USDA was a little more bearish. Chicago SRW futures are back up 16 to 18 cents in the front months. Kansas City HRW contracts are 12 to 14 cents higher on the session. MPLS spring wheat is 13 to 15 cents in the red at the close.
USDA Export Sales data from Thursday showed all wheat export business at 21.55 MMT. That is now 96.55% of the new USDA export projection, with the 5-year average sales pace at 102%. Export shipments are 17.3 MMT, which is 77.5% of USDA’s new number lagging the 5-year average pace of 83%
French soft wheat crop ratings were tallied at 75% good/excellent, a drop of 1% on the week according to France ArgiMer data.
May 25 CBOT Wheat is at $5.56, up 18 cents,
Jul 25 CBOT Wheat is at $5.70 1/4, up 16 3/4 cents,
May 25 KCBT Wheat is at $5.71 3/4, up 13 3/4 cents,
Jul 25 KCBT Wheat is at $5.85 1/4, up 12 1/4 cents,
May 25 MGEX Wheat is at $6.17, up 15 cents,
Jul 25 MGEX Wheat is at $6.30 1/4, up 13 3/4 cents,
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Source : Nasdaq.com
