Front month wheat futures were double digits higher into the weekend. The session ended with 6 to 10 ¾ cent gains on Friday. KC wheat futures were 13 ¼ to 14 cents higher at the close. MGE spring wheat futures were 8 cents firmer.
CFTC’s weekly CoT data had Chicago wheat specs adding more net shorts through the week. That grew their net short back to 65.5k contracts. The funds were slightly less net short in KC for the week. Spring wheat spec traders were shown with a 24,138 contract net short – an 1,830 contract weaker net position for the week.
USDA trimmed wheat exports by 15 mbu to 710 mbu in the monthly S&D update. That was added to carryout as the only adjustment.
Global wheat S&Ds saw a 500k MT increase for Australia and a 400k MT increase for Argentina and a 500k MT increase for Russia. The EU output was 350k tighter. On net exports were raised by 1.5 MMT to 212.1 MMT. Of that, the U.S. holds a now 9.1% market share.
USDA confirmed another 110k MT Chinese SRW cancelation this morning following their 130k MT cancelation on Thursday.
Egypt’s GASC canceled their import tender for wheat. Wire sources showed Algeria booked between 850k and 900k MT of milling wheat. Ukraine’s March grain shipments were already 774k MT according to Ministry data. That compared to 641k MT last year. Feb’s total was 5.8 MMT and +11.5% vs last year.
Mar 24 CBOT Wheat closed at $5.26 3/4, up 6 cents,
May 24 CBOT Wheat closed at $5.37 3/4, up 9 1/4 cents,
May 24 KCBT Wheat closed at $5.88 3/4, up 14 cents,
May 24 MGEX Wheat closed at $6.62 3/4, up 8 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
