Wheat Higher on Friday? By Double Digits!
Wheat is trading with Friday morning gains across the three exchanges. Most contracts are up 10 to 12 cents per bushel. The wheat complex was mixed on Thursday, with contracts on either side of unch across the three markets. Preliminary open interest was up 7,187 contracts on Thursday, with OI in May at just 475 contracts and 80 deliveries issued overnight. Preliminary open interest was up 4,214 contracts, with OI in May at 236 and 200 deliveries issued overnight.
US Export Sales totaled 75,005 MT for the week of 4/24. Export commitments as we approach the last month of the marketing year are now 21.555 MMT, which is a 4-year high. That is 97% of the current USDA export estimate and lags the 104% average sales pace for this date.
Per USDA, a total of 229.62 mbu of wheat was ground for flour in the January-March period, which was up 3 mbu from a year ago.
South Korean mills purchased a total of 35,800 MT of wheat from the US overnight. French soft wheat ratings were steady at 74% good/excellent according to the FranceAgriMer, steady with the week prior.
May 25 CBOT Wheat is at $5.27 1/4, up 12 cents,
Jul 25 CBOT Wheat is at $5.41 1/2, up 10 1/2 cents,
May 25 KCBT Wheat is at $5.25 1/4, up 9 1/4 cents,
Jul 25 KCBT Wheat is at $5.38 1/4, up 10 3/4 cents,
May 25 MGEX Wheat is at $6.16 1/2, up 2 1/2 cents,
Jul 25 MGEX Wheat is at $6.05 1/2, up 10 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.