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Wheat Holding Gains at Midday

Barchart
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⚡ Quantum Brief
Wheat futures gained midday Friday, with Chicago contracts rising 6–8 cents, Kansas City up 4–6½ cents, and Minneapolis spring wheat climbing 6–8½ cents, extending overnight strength. US wheat export commitments reached 35% of USDA’s annual 7.76 MMT forecast—1% above average—though actual shipments (2.2 MMT) lag 1% below the five-year average, per Thursday’s USDA report. France’s soft wheat crop quality declined to 52% good/excellent, down 5% from last week and far below 2023’s 80%, with only 14% harvested versus the 43% average, per FranceAgriMer. September 2024 CBOT wheat hit $5.42½ (+7¼¢), while December contracts rose to $5.68 (+8¢). Minneapolis futures led gains, with December 2024 reaching $6.28¾ (+8½¢). The rally reflects tightening global supply concerns, as poor European harvests and delayed shipments contrast with steady US export demand.
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AAPL TSLA AMZN META AMD NVDA PEP COST ADBE GOOG AMGN HON INTC INTU NFLX ADP SBUX MRNA AAPL TSLA AMZN META AMD NVDA PEP COST ADBE GOOG AMGN HON INTC INTU NFLX ADP SBUX MRNA AAPL TSLA AMZN META AMD NVDA PEP COST ADBE GOOG AMGN HON INTC INTU NFLX ADP SBUX MRNA Stocks Wheat Holding Gains at Midday July 19, 2024 — 02:32 pm EDT Written by Alan Brugler for Barchart-> Wheat futures are showing modest strength on Friday, holding some of the overnight gains. Chicago futures are back up 6 to 8 cents at midday. Kansas City contracts are showing 4 to 6 ½ cent gains on the session. MPLS spring wheat is continuing its ascent, with midday gains of 6 to 8 ½ cents. Following USDA’s Export Sales report from Thursday, US export commitments for wheat are now 35% of the full year USDA projection at 7.76 MMT, 1% ahead of the average pace. Actual shipments are 2.2 MMT, 9% of that forecast and 1% below the 5-year average.FranceAgriMer estimates the French soft wheat crop at 52% gd/ex, a 5% drop from the week prior. Last year was 80%. The crop is now 14% harvested, compared to 51% last year and an average at 43%.Sep 24 CBOT Wheat is at $5.42 1/2, up 7 1/4 cents,Dec 24 CBOT Wheat is at $5.68, up 8 cents,Sep 24 KCBT Wheat is at $5.69 1/4, up 6 1/2 cents,Dec 24 KCBT Wheat is at $5.85 1/2, up 6 1/2 cents,Sep 24 MGEX Wheat is at $6.08 3/4, up 8 1/4 cents,Dec 24 MGEX Wheat is at $6.28 3/4, up 8 1/2 cents,On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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