Overview

• USDA’s WASDE raised U.S. wheat exports by 25 million bushels to 900 million, lowering ending stocks to 844 million bushels.
• World wheat stocks rose 3.98 MMT to 264.06 MMT on larger harvests in Russia, the EU, Canada, Ukraine and Australia.
• CBOT, KCBT and MGEX wheat futures settled higher on Friday with modest week-over-week gains across key contracts.
• CFTC data showed Chicago wheat net shorts grew to 92,394 contracts, and managed money flipped to a 14,714-contract net short in soybeans.
• USDA’s Crop Production cut soybean yield to 53.5 bpa as acreage increased, lifting output to 4.3 bbu; front-month futures and cash prices firmed, and a 22,000 MT U.S. soybean oil sale to South Korea was reported.