The wheat complex is continuing the weaker trend on Friday, with contracts down across the three markets. Chicago SRW futures are down 2 to 4 cents so far on the day. Kansas City HRW contracts are 8 to 10 cents lower at the midday part of the session. MPLS spring wheat is 5 to 6 cents in the red.
Rains over the next few days are expected to reach much of SRW country, with the HRW area forecast with up to 1 inch of precip.
In response to President Trump’s reciprocal tariffs, China issued a retaliatory tariff of 34% on all US goods overnight. While there is very little wheat on the books to China, the market is furthering the risk off trade ahead of the weekend.
Thursday’s USDA Export Sales report shows the wheat export commitments for the 2024/25 marketing year at 21.433 MMT, which is 14% above last year. That is 94% of the USDA forecast, behind the 101% average sales pace.
May 25 CBOT Wheat is at $5.32 1/4, down 3 3/4 cents,
Jul 25 CBOT Wheat is at $5.46, down 4 cents,
May 25 KCBT Wheat is at $5.59 1/4, down 9 3/4 cents,
Jul 25 KCBT Wheat is at $5.72 1/4, down 8 1/2 cents,
May 25 MGEX Wheat is at $5.86, down 5 1/4 cents,
Jul 25 MGEX Wheat is at $6.01, down 6 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.
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