Wheat prices are another penny to 6 cents higher early on Monday, though SRW futures were up by double digits at the overnight high. 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.
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.
Pre-report surveys show analysts are looking for March 1 wheat stocks to come in at 1.05 bbu on average. The full range of ideas is from 1 billion to 1.08 billion bushels. That would be 106 mbu larger than Mar 1 stocks last year, following a 98 mbu looser yr/yr stock pile on Dec 1. Wheat acreage is estimated at 47.3 million acres vs 49.6m last year. Spring wheat is expected to be near 10.9m acres on average with ~1.7m expected for durum wheat.
May 24 CBOT Wheat closed at $5.54 3/4, up 8 cents, currently up 5 1/4 cents
Jul 24 CBOT Wheat closed at $5.69 1/2, up 7 1/2 cents, currently up 5 cents
May 24 KCBT Wheat closed at $5.90 1/2, up 8 3/4 cents, currently up 2 1/4 cents
Jul 24 KCBT Wheat closed at $5.84 3/4, up 9 1/4 cents, currently up 1 1/2 cents
May 24 MGEX Wheat closed at $6.61, up 4 1/2 cents, currently up 1 cent
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