Market Overview - Wheat contracts are starting the Friday session down 2 to 4 cents across major markets, following a recovery on Thursday where CBT soft red wheat futures gained 5 ¼ to 7 ½ cents [1] - KC HRW futures increased by 3 ¾ to 5 ½ cents, and MPLS spring wheat futures rose by 4 to 5 ¼ cents at the close on Thursday [1] Export Sales - The USDA Export Sales report indicated bookings of 539,842 MT for the week ending September 18, which is 43.02% higher than the previous week and more than triple the same week last year [2] - The Philippines was the top buyer with 116,000 MT, followed by Italy with 86,900 MT and Indonesia with 77,400 MT [2] Production Estimates - Russia's wheat crop is estimated at 87.5 MMT, an increase of 0.5 MMT from the previous estimate, while Russian wheat exports are projected at 43.4 MMT, down 0.3 MMT [3] - The European Commission estimates EU wheat production at 132.6 MMT, up 4.5 MMT from last month, with EU ending stocks increasing by 3.2 MMT to 10.8 MMT [3] Price Movements - Closing prices for December 25 CBOT Wheat were $5.27, up 7 ½ cents, while March 26 CBOT Wheat closed at $5.45, up 7 cents [3] - KCBT and MGEX Wheat also saw similar upward movements, with December 25 KCBT Wheat closing at $5.12 ¼, up 5 ½ cents, and December 25 MGEX Wheat closing at $5.73, up 5 ¼ cents [3]

Group 1 - The national summer grain purchase has commenced, with over 17 million tons of wheat purchased, surpassing the same period last year [1] - In Henan province, a flour processing factory has an annual processing capacity of 250,000 tons of wheat, with high operational rates for newly developed high-end products [3] - Henan has initiated a minimum purchase price policy for wheat, providing strong support for the domestic wheat market due to increased flour processing rates and rising feed consumption [5] Group 2 - Orders for flour are expected to increase by 20% compared to the same period in 2024, indicating a growing demand for wheat [6] - In Dezhou, Shandong province, a flour processing enterprise is purchasing wheat at double its usual rate, with current prices at 1.24 yuan per jin, higher than nearby collection points [6] - The operating rate of small and medium-sized flour processing plants nationwide is at a three-year high, with expectations for continued strong demand for flour and high-end flour products [7]