Wheat is showing mixed action so far on Friday morning. The wheat market fell lower across the three exchanges to close out the Thursday session. Chicago SRW futures were down 1 1/2 to 2 1/2 cents on the day. KC HRW contracts were 4 to 5 cents lower on Thursday. MPLS spring wheat was steady to 4 cents lower on the day. More heavy rains over the next week in the Southern Plains added pressure.

Weekly Export Sales data showed all wheat sales in the lower half of the 250,000 to 550,000 MT estimates for old crop at 374,735 MT during the week of 10/31. That was a 6-week low for sales and down 8.92% from last year but up 5.77% from the same week last year.  Mexico was the largest buyer of 105,800 MT, with unknown in for 73,000 MT.

USDA’s baseline projection for all wheat acreage shows next year’s 2025/26 projection at 46 million acres, compared to 46.1 million this year.

Ahead of USDA’s WASDE report, analysts surveyed by Reuters expect to see very little movement in the US ending stocks projection this month at 813 mbu on average. World stocks for the 2024/25 projection is seen down 0.93 MMT to 256.79 MMT.

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

Mar 25 CBOT Wheat  closed at $5.89, down 2 cents, currently down 1 cent

Dec 24 KCBT Wheat  closed at $5.69, down 5 cents, currently down 2 1/2 cents

Mar 25 KCBT Wheat  closed at $5.81 1/2, down 4 1/4 cents, currently down 2 1/4 cents

Dec 24 MGEX Wheat  closed at $6.02 1/2, down 3 cents, currently down 3 3/4 cents

Mar 25 MGEX Wheat  closed at $6.23 3/4, down 3 3/4 cents, currently down 3 cents