Wheat Posting Midday Losses on Friday
The wheat complex is falling on Friday’s midday, with all three markets taking losses. CBT soft red wheat futures are 7 to 9 cents in the red on Friday. Preliminary open interest was up 10,762 contracts. KC HRW futures are down 6 to 7 cents at midday. MPLS spring wheat futures are 5 to 7 cents lower so far on the day.
Winter wheat planting should be able to near its end in the coming weeks, with the next 7 days looking dry for much of the growing region.
For the current crop, SovEcon estimates production to total 87.8 MMT, a 0.6 MMT increase from the previous number. The French winter wheat crop is estimated at 5% planted as of October 6 according to FranceAgriMer.
Dec 25 CBOT Wheat is at $4.98 3/4, down 7 3/4 cents,
Mar 26 CBOT Wheat is at $5.15 3/4, down 8 1/4 cents,
Dec 25 KCBT Wheat is at $4.83 1/2, down 6 1/4 cents,
Mar 26 KCBT Wheat is at $5.05, down 6 1/4 cents,
Dec 25 MGEX Wheat is at $5.51 1/2, down 5 1/2 cents,
Mar 26 MGEX Wheat is at $5.71, down 6 1/4 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.