Wheat Prices Bounce Back Early on Friday Amid Lower Thursday Session

The wheat market is showing early signs of recovery on Friday, with prices up by 4 to 7 cents. This comes after a lower trading session on Thursday, where Chicago SRW contracts were down by 1 1/2 to 11 cents. The Kansas City HRW futures led the decline in winter wheat, with contracts falling by 10 to 13 ¾ cents in the front months and 3 to 5 ½ cents lower in the deferreds.

The Minneapolis spring wheat market also experienced losses, with prices down by 12 1/2 of 16 ¼ cents at the close. The latest export sales data showed a total of 296,427 MT reported for the week ending July 30, which is a 4-week high but still 59.82% below the same period last year.

The Philippines was the largest buyer, purchasing 87,800 MT, followed by Mexico and Vietnam. The USDA will release updated production data on Wednesday via the monthly Crop Production report, with analysts surveyed by Reuters expecting 1.525 billion bushels of wheat, a decrease of 11 million bushels from July.

The French soft wheat crop was estimated at 31.9 MMT by the country's farm ministry, down just 0.1 MMT from last month. The current prices for CBOT Wheat are $6.31 1/4 (up 5 1/2 cents) and $6.50 1/2 (up 5 1/4 cents), while KCBT Wheat is at $6.99 3/4 (up 8 cents) and $7.17 1/2 (up 7 ¾ cents).