The wheat complex is trading with modest weakness on Friday. Chicago SRW futures are 1 to 3 cents in the red on the Friday session. KC HRW futures are down 7 to 8 cents at midday. MPLS spring wheat is trading with 2 to 3 cent losses at midday. The CBoT will be closed on Monday for Memorial Day, with the Tuesday session showing a normal open.
Export Sales data has old crop wheat commitments at 25.241 MMT, which is up 16% from last year. That is also 102% of the USDA forecast and lagging the 103% average sales pace. New crop business has totaled 2.029 MMT, so far, which is down 51.45% from the same week last year
The French soft wheat crop is estimated at 80% in good/excellent conditions according to the FranceAgriMer, steady with the week prior. Durum was rated at 71% gd/ex.
Late on Thursday, Argentina cut their wheat export tax from 7.5% to 5.5%.
Jul 26 CBOT Wheat is at $6.45 3/4, down 1 3/4 cents,
Sep 26 CBOT Wheat is at $6.58 3/4, down 2 1/4 cents,
Jul 26 KCBT Wheat is at $6.80, down 7 cents,
Sep 26 KCBT Wheat is at $6.90 1/2, down 7 1/4 cents,
Jul 26 MIAX Wheat is at $6.87 1/2, down 2 3/4 cents,
Sep 26 MIAX Wheat is at $7.08 1/2, down 2 1/2 cents,
