Wheat futures are trading with slight gains at Friday’s midday. Chicago SRW futures are up 11 to 2 cents in most contracts so far on the day. KC HRW contracts are 2 to 3 cents back higher at midday. MPLS spring wheat futures are back up 3 to 4 cents in the front months.
The next week looks for precip in the eastern portions of the Southern Plains, extending into some SRW regions. The 8-14 looks wetter for much of the country, with above normal temps and no threats of any winter kill potential.
Export Sales data took all wheat and product shipments to 11.316 MMT, up 29% from last year and 48% of the new USDA forecast and behind the 53% average pace. Commitments sit at 16.317 MMT, 9% above last year and 71% of the USDA marketing year export number, lagging the 78% average pace.
Russia has officially their export quota for February 15 to June 30 at 10.6 MMT. Last year’s quota for grain exports was limited to 29 MMT.
Mar 25 CBOT Wheat is at $5.35, up 2 cents,
May 25 CBOT Wheat is at $5.45 1/4, up 1 3/4 cents,
Mar 25 KCBT Wheat is at $5.46 1/4, up 3 cents,
May 25 KCBT Wheat is at $5.53 3/4, up 2 3/4 cents,
Mar 25 MGEX Wheat is at $5.90 1/4, up 3 1/2 cents,
May 25 MGEX Wheat is at $5.98, up 3 1/2 cents,
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