Wheat Falling Lower at Midday

Wheat futures are falling off at midday across the three markets on Friday. Chicago SRW futures are 4 to 7 cents lower across the nearbys. KC HRW contracts are down 4  to 6 cents on the day. There were 14 deliveries issued against Dec KC wheat overnight, with 8 for December CBT wheat. MPLS spring wheat are down 3 to 4 cents so far on the session.

The forecast over the next 7 days shows precip of some form in the eastern half of the country, with the highest totals along the Mississippi River. Much of the HRW region is left drier.

The weekly Export Sales report took all wheat and product shipments to11.045 MMT, up 31% from last year and 47% of the new USDA forecast and behind the 51% average pace. Commitments sit at 15.991 MMT, 10% above last year and 69% of the new USDA number, lagging the 76% average pace.

Dec 24 CBOT Wheat  is at $5.38 3/4, down 4 3/4 cents,

Mar 25 CBOT Wheat  is at $5.52 1/4, down 6 1/4 cents,

Dec 24 KCBT Wheat  is at $5.46 1/4, down 4 1/2 cents,

Mar 25 KCBT Wheat  is at $5.57, down 5 3/4 cents,

Dec 24 MGEX Wheat  is at $5.82 1/4, unch,

Mar 25 MGEX Wheat  is at $5.99, down 3 1/2 cents,