The wheat market saw gains across all three major exchanges on Friday. Chicago SRW wheat contracts rose by 2 to 3 cents, while KC HRW futures climbed 2 to 3 cents in the front months. MPLS spring wheat prices remained steady to slightly higher throughout the session.
Reports surfaced on Thursday that China’s COFCO was exploring the purchase of US SRW wheat for import. However, the USDA did not confirm this through any export announcements on Friday morning.
Export sales data from Thursday revealed that total wheat export commitments reached 11.626 MMT, marking a 29% decline from last year. This figure represents 57% of the USDA’s export projection, lagging behind the 65% pace observed over the past five years. Additionally, a South Korean mill importer secured 50,000 MT of US wheat in an overnight transaction.
FranceAgriMer reported that France’s wheat crop was 62% planted as of the latest update, trailing the 67% pace from the previous year.