
The wheat complex is trading with losses across most contracts so far on the Thursday session. Chicago SRW futures are down 9 to 10 cents in most contracts. KC HRW futures are down 5 to 6 cents at midday. MPLS spring wheat is steady to a penny lower. Crude oil is falling $11.27 on the day following Iran agreeing to open the Strait of Hormuz this morning.
Export Sales data will from Thursday now has the total commitments for old crop wheat at 24.54 MMT, which is slightly above the USDA projection vs. the 102% average pace. Shipments are 20.69 MMT, which is 84% of USDA’s number and matches the average shipping pace.