Wheat futures are trading 5 to 7 cents lower in the Chicago and KC contracts this morning. MPLS spring wheat is down 1 to 2 cents. They closed the day with 6 to 9 1/4 cent losses in most contracts on Thursday. The weekly Export Sales report showed shipments of all wheat tallied at 436,370 MT, 1.92% larger than the week prior but down 31.21% from a year ago. The main destination of 90,500 MT was Indonesia, with 63,000 MT exported to China. Commitments of all wheat exports are now 15.4% lower than this time in 2017, as sales continue to disappoint. That would place them at 92% of the USDA projection, compared to the average of 101% and last year’s 103%. Japan purchased 68,060 MT of US wheat in their weekly MOA tender out of 128,543 MT bought from Australia, Canada, and the US.

Market Commentary provided by:

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