The wheat complex is trading with mixed on Friday, as soft red contracts are lower and hard red contracts are higher. Chicago contracts are fractionally lower in the front month, with some back months higher. Kansas City futures are up 2 to 8 ¼ cents at midday. MPLS spring wheat contracts are up 2 to 6 cents on the day so far.  

Total wheat (and products) shipped and unshipped sales are now at 97% of USDA’s forecasted total, with just a couple weeks left in the MY. The average pace is for 105% in commitments by now, though actual Census shipping data is running well ahead. Looking ahead towards new crop, FAS data has 3.49 MMT in forward sales, which is 58% above the same point compared to last year.

International Grains Council data showed world wheat production down 3 MMT to 795 MMT. Consumption was also cut by 2 MMT, with the ending stock projection up 1 MMT from last month at 260 MMT, but still a 6 MMT reduction from last year.

Taiwan is tendering for 96,850 MT of US origin wheat, with offers due on May 30. French soft wheat was rated at 63% gd/ex according to FranceAgriMer down 1% on the week, with durum down 2% to 64% gd/ex.

Jul 24 CBOT Wheat  is at $6.97 1/2, down 1/2 cent,

Sep 24 CBOT Wheat  is at $7.17 1/2, down 1/2 cent,

Jul 24 KCBT Wheat  is at $7.18 1/4, up 7 1/2 cents,

Sep 24 KCBT Wheat  is at $7.32 3/4, up 8 1/4 cents,

Jul 24 MGEX Wheat  is at $7.50, up 6 cents,

Sep 24 MGEX Wheat  is at $7.59 1/2, up 5 1/4 cents,