Wheat On the Higher Side on Friday Morning

Wheat is showing slightly higher trade on Friday morning. The wheat complex closed the Thursday session with mixed trade, as SRW contracts were the strongest and spring wheat the weakest. Chicago SRW futures were up 2 1/4 to 3 3/4 cents on the day. Open interest was up 5,140 contracts. KC HRW futures were steady in the front months to a couple pennies lower in the deferreds. There were 5 deliveries against March KC wheat overnight. MPLS spring wheat was down 1 ¼ to 3 1/2 cents in the front months on Thursday.

The next 7 days look on the drier side for much of the Southern Plains, with the eastern half of the country and SRW area looking wetter.

Weekly Export Sales data from Thursday morning showed a total of 455,439 MT of wheat sold in the week ending on March 5. That was the largest in 4 weeks, and more than double the previous week. Mexico was the top buyer of 238,600 MT, with 68,900 MT sold to China, and 66,700 MT to Japan.  New crop sales were 40,350 MT.

Monthly wheat exports in January were 1.529 MMT (59.2 mbu), which was a 3-year high for January.

South Korean importers purchased a total of 50,000 MT of wheat from the US in a tender overnight. The French wheat crop was estimated at 84% good/excellent according the the FranceAgriMer, steady with the pervious week.

Mar 26 CBOT Wheat  closed at $5.92 1/4, up 3 3/4 cents, currently unch

May 26 CBOT Wheat  closed at $5.98 1/2, up 3 3/4 cents, currently up 2 1/4 cents

Mar 26 KCBT Wheat  closed at $6.01 1/2, unch, currently unch

May 26 KCBT Wheat  closed at $6.13 1/2, unch, currently up 1 1/4 cents

Mar 26 MIAX Wheat  closed at $6.22 3/4, down 3 1/2 cents, currently unch

May 26 MIAX Wheat  closed at $6.35 1/2, down 3 1/2 cents, currently up 4 1/4 cents