Wheat Futures Falling into Weekend

So far through the Friday midday, wheat futures are trading double digits lower. CBT SRW prices are down 14 1/4 to 20 1/2 cents. KC wheat is giving back 16 3/4 to 18 cents. Spring wheat futures are down by as much as 11 1/2 cents in the front months. 

Russia’s Ag Ministry estimates 20 MMT of 22/23 grain has been harvested to date. That included 15.5 MMT of wheat. France’s Ag Ministry reported the French wheat crop reached 50 harvested. 

Japan’s MAFF locked in 130,900 MT of wheat from the U.S., Canada, and Australia. The Philippines purchased 110k MT of wheat in an international tender. 

The weekly Export Sales report showed a large export booking total in the week ending 7/7, of 1.017 MMT. That was the largest weekly total, not counting government shutdowns or MY rollovers since July 2013. China bought 265,300 MT, with South Korea buying 148,400 MT. An extra 30,000 MT was sold for new crop.

Sep 22 CBOT Wheat  is at $7.73, down 22 cents,

Dec 22 CBOT Wheat  is at $7.91, down 22 1/2 cents,

Cash SRW Wheat  is at $7.11 1/4, down 22 cents,

Sep 22 KCBT Wheat  is at $8.27 1/2, down 21 1/4 cents,

Cash HRW Wheat  is at $7.77 1/4, down 21 cents,

Sep 22 MGEX Wheat  is at $8.97 3/4, down 12 3/4 cents,