The wheat complex is showing some strength come back on Friday morning across the three markets. Wheat closed out the Halloween session, with losses across the three exchanges. Chicago SRW futures were down 2 3/4 to 5 1/4 cents on the day. KC HRW contracts were 5 1/2 to 8 1/4 cents lower across the board. MPLS spring wheat was 4 ½ to 5 ¾ cents in the red to close out the session. 

Forecasts continue to call for precipitation in much of HRW and SRW country over the next week, easing some drought concerns. 

The weekly Export Sales report from FAS showed all wheat bookings totaling 411,424 MT. That was a 5-week low and on the lower end of  the 300,000 and 600,000 MT estimates. Mexico was the largest buyer of 169,600 MT, with the Philippines purchasing 79,500 MT.

Algeria purchased an estimated 600,000 MT of wheat in their latest tender on Thursday, up from the initial estimate of 480,000 MT and likely sourced from the Black Sea region. The European Commission trimmed their 2024/25 EU wheat production figure by 2 MMT to 112.6 MMT. They also cut their ending stocks projection by 1.3 MMT to 10.4 MMT. 

Dec 24 CBOT Wheat  closed at $5.70 1/2, down 2 3/4 cents, currently up 5 1/2 cents

Mar 25 CBOT Wheat  closed at $5.90 1/4, down 3 1/4 cents, currently up 5 cents

Dec 24 KCBT Wheat  closed at $5.69 1/4, down 6 1/2 cents, currently up 4 cents

Mar 25 KCBT Wheat  closed at $5.83, down 6 3/4 cents, currently up 3 3/4 cents

Dec 24 MGEX Wheat  closed at $6.04 1/4, down 4 3/4 cents, currently up 3 1/2 cents

Mar 25 MGEX Wheat  closed at $6.28 1/4, down 4 1/2 cents, currently up 3 1/2 cents