U.S. wheat futures were the bright spot in Friday’s ag trade, closing the day up by as much as 1.6%. Chicago futures closed 7 ¼ to 8 cents higher for the last trade day of the week. May futures ended with a 26 ¼ cent gain. KC wheat futures ended the day 8 ¾ to 9 ¼ cents in the black with May up 24 ½ cents for the week. The July HRW/SRW spread had widened back to 20 ¼ cents. Minneapolis spring wheat futures were 4 to 4 ½ cents higher on the day. May MPLS wheat was 12 ¼ cents higher Friday to Friday. Oats Futures Prices ended the day with 2 ¾ to 4 cent gains, though May was still at a 7 ½ cent loss for the week.
CFTC data had managed money funds 80,570 contracts net short in CBT wheat as of 3/19. That was a 1,700 contract stronger net short as the new sellers offset the new buyers. In KC wheat, the fund sellers also offset the fund buyers for a 2,310 contract stronger net short of 37,857 contracts. Spring wheat spec traders were shown with a 22.7k contract net short via the CoT report. That was a 1k contract stronger net short for the week.
USDA’s FAS reported old crop bookings were a net reduction of 109k MT, including a known cancellation from China, during the week that ended 3/14. Old crop sales still on the books for China total 29 million bushels. New crop bookings were 286k MT and brought the forward book to 803k MT, or 20% ahead of forward sales at the same time last year. Old crop commitments remain 3% ahead of last year’s pace with 18.4 MMT on the books.
Japan booked 221k MT of wheat via a regular MOA tender, with 113k MT to be U.S. origin.
SovEcon raised their outlook for 24/25 wheat output by 400k MT to 94 MMT citing an easy winter with below average winterkill.
May 24 CBOT Wheat closed at $5.54 3/4, up 8 cents,
Jul 24 CBOT Wheat closed at $5.69 1/2, up 7 1/2 cents,
May 24 KCBT Wheat closed at $5.90 1/2, up 8 3/4 cents,
Jul 24 KCBT Wheat closed at $5.84 3/4, up 9 1/4 cents,
May 24 MGEX Wheat closed at $6.61, up 4 1/2 cents,
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