The wheat market fell even further across the three exchanges on Friday to deepen the losses for the week. Chicago SRW futures were 6 to 10 cents lower at the close, with March falling 53 cents (-8.98%) this week. KC HRW futures were down 12 to 13 cents on Friday, as the March contract was 51 cents (-8.37%) lower. MPLS spring wheat added to the week of red, down 4 to 7 cents at the close, with March 49 ½ cents (-7.84%) in the red this week. 

Precip is expected to creep into eastern portions of the Plains over the next week, with the SRW region looking at more widespread wetness.

Commitment of Traders data indicated managed money adding 6,037 contracts back to their net short in CBT wheat futures and options in the week ending on February 25 to 67,614 contracts. In KC wheat, the trimmed their net short by 755 contracts to 21,335 contracts.

President Trump’s 25% tariffs on Mexico and Canada are still set for a March 4 start date after some back and forth this week. 

Export Sales data shows total export commitments now at 20.144 MMT for the marketing year, which is 87% of USDA’s export forecast and lagging the 95% average sales pace. Actual shipments are 14.969 MMT, which is 64% of USDA’s estimate and behind the 71% average shipping pace. 

FranceAgriMer estimates the French soft wheat crop at 73% gd/ex, which is down from 74% last week. The durum wheat crop was also back 1% to 82% gd/ex.

Mar 25 CBOT Wheat  closed at $5.37, down 9 3/4 cents,

May 25 CBOT Wheat  closed at $5.55 3/4, down 6 3/4 cents,

Mar 25 KCBT Wheat  closed at $5.58 1/4, down 13 cents,

May 25 KCBT Wheat  closed at $5.73, down 12 1/4 cents,

Mar 25 MGEX Wheat  closed at $5.82 1/4, down 4 3/4 cents,

May 25 MGEX Wheat  closed at $5.97 3/4, down 7 cents,