Wheat Starting Friday with Modest Strength

Wheat is trading mixed on Friday morning, with contracts in SRW and spring wheat higher and KC fractionally mixed. The wheat complex saw strength late the session to close with gains across the three markets. Chicago SRW was fractionally higher to 7 cents in the green, led by the neatbys. Open interest suggested some short covering, down 5,842 contracts. KC HRW futures were 1 ½ to 5 ¾ cents higher at the close. OI was up 2,325 contracts, hinting at new length coming in. MPLS spring wheat was 3 ½ to 4 ½ cents in the green.

USDA’s Export Sales report from Thursday morning showed 289,255 MT of wheat sales in the week of 9/24. That was up 8.11% from last week but down 8.43% from the same week last year. The top buyer was Mexico 94,400 MT, with 63,000 MT sold to the Philippines.

A Taiwan flour mill tendered to purchase an estimated 105,800 MT of wheat from the US, with offers due next Wednesday. A South Korean mill importer purchased 100,000 MT of wheat from the US on Thursday morning. Saudi Arabia issued a tender for 535,000 MT of wheat with offers due on Friday. 

Ukrainian wheat areas could drop 17% for 2027 due to the back up in supplies according to the countrys ag minister.

Dec 26 CBOT Wheat  closed at $6.82 3/4, up 7 cents, currently up 3 cents

Mar 27 CBOT Wheat  closed at $6.97, up 6 1/4 cents, currently up 2 3/4 cents

Dec 26 KCBT Wheat  closed at $7.37 1/2, up 4 1/2 cents, currently up 1/2 cent

Mar 27 KCBT Wheat  closed at $7.51, up 4 1/2 cents, currently down 1/2 cent

Dec 26 MIAX Wheat  closed at $6.97 3/4, up 3 1/2 cents, currently up 2cents

Mar 27 MIAX Wheat  closed at $7.18, up 4 1/2 cents, currently up 2 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.