Early Friday action in the wheat markets has the bard set to start the day session in the black, with CBT Wheat double digits higher. The Chicago wheat market was fractionally mixed at the closed on Thursday after May traded from 6 ¼ cents in the red to 6 ¼ cents to the daily high. KC Wheat futures ended the session mostly higher. May traded from 8c higher to 5 ¾ cents weaker, before ending 3 cents in the red. Spring wheat futures were higher on the day with gains of as much as 7 cents.  

Census data put wheat exports at 67.9 mbu for February. That was a 27% increase for the month, but was down about 1 mbu from Feb last year. The season’s total exports reached 491 mbu through February, which remains 16% behind last year’s pace. Fourth quarter shipments will have to be about 60 mbu larger than year ago to meet the WASDE March forecast for the marketing year. 

This morning’s Export Sales report showed just 16,093 MT of wheat booked in the week of 3/28. Ideas for old crop sales ran -100,000 MT to positive 400,000. New crop numbers came in at 262,000 MT, above the trade estimates of 75,000 to 250,000 MT. 

Japan bought 113.5k MT of wheat in a regular MOA tender from U.S., Canada, and Australia. Jordan is tendering again for 120,000 MT of milling wheat, with offers due by April 16. They passed on a recent tender and are apparently hoping for lower prices this time. 

May 24 CBOT Wheat  closed at $5.56 1/4, up 1/4 cent, currently up 13 1/4 cents

Jul 24 CBOT Wheat  closed at $5.71 1/2, down 3/4 cent, currently up 12 3/4 cents

May 24 KCBT Wheat  closed at $5.77 1/2, down 3 cents, currently up 8 cents

Jul 24 KCBT Wheat  closed at $5.73, up 1 cent, currently up 8 1/2 cents

May 24 MGEX Wheat  closed at $6.46 1/4, up 6 3/4 cents, currently up 6 1/4 cents