Wheat Showing Early Friday Bounce

Wheat is trading the slight gains across the board on Friday morning. The wheat complex bears were busy selling back to near the lows from August on Thursday. Chicago SRW futures were down 8 1/4 to 10 3/4 cents across the board on the day. Preliminary open interest was up 21,219 contracts, with exception to December which was down 14,166 contracts. KC HRW contracts posted losses of 7 ¾ to 9 ¼ cents at the close. MPLS spring wheat was 4 ½ to 9 ¼ cents in the red on the session. 

The USDA will release their weekly Export Sales report this morning, analysts expecting to see 250,000 to 550,000 MT for the 2024/25 MT. Sales for the 2025/26 MT are seen at 0 to 50,000 MT. 

Japan purchased a total of 114,403 MT of wheat from the three usual suspects, Australia, Canada, and the US, with 58,046 US specific.

Strategie Grains estimated the EU wheat crop will see a 5% increase in acreage for the coming growing season, though they cited a tough start to planting will leave expected production near the previous year’s total at 114.4 MMT. SovEcon released estimates for last years Russian wheat crop at 51.4 MMT, a slight 0.1 MMT drop from the previous number. For the 2025 crop, they increased expected output by 1.5 MMT to 81.6 MMT.

Dec 24 CBOT Wheat  closed at $5.30 1/4, down 10 3/4 cents, currently up 1 1/2 cents

Mar 25 CBOT Wheat  closed at $5.48 1/4, down 8 1/4 cents, currently up 2 cents

Dec 24 KCBT Wheat  closed at $5.33, down 7 3/4 cents, currently up 1 3/4 cents

Mar 25 KCBT Wheat  closed at $5.46 3/4, down 8 cents, currently up 1 1/2 cents

Dec 24 MGEX Wheat  closed at $5.66 1/2, down 4 1/2 cents, currently up 4 3/4 cents

Mar 25 MGEX Wheat  closed at $5.85 3/4, down 7 1/2 cents, currently up 4 1/4 cents