Wheat futures in the US are starting the new week and the new month with losses. Despite neutral to bear-friendly NASS data, winter wheat futures rallied into the 3-day Holiday weekend. The spring wheat futures faded on the higher acreage to close 3 ½ to 6 cents in the red. Chicago prices were 8 cents off their highs for the close, but still 8 ¾ to 12 ¾ cents higher for the day. July SRW ended the week with a net 6 ¼ cent gain but was still at a 3 ½ cent loss for the month of March. HRW futures were also ~9 cents off their highs for the close, but the 5 ½ to 7 cent front month gains helped July HRW to limit the week’s loss to 5 cents and flipped the board a net 5 ½ cents higher for the month.
CFTC data from Friday showed managed money increasing their net short in CBT wheat by 11,532 contracts to 92,102 as of March 26. In Kansas City, they were busy adding 4,781 contracts to their net short at 42,638 by last Tuesday.
The annual Prospective plantings data showed winter wheat area totaled 34.135 million acres, compared to the 34.7 million assumed going in. Total wheat area was 47.498 million acres vs 49.575 million planted last year and 47.3 million expected. Other spring area was surveyed at 11.335 million acres, which was up 135,000 yr/yr and above the average estimate.
The quarterly wheat count came in at 1.087 bbu as of March 1st, which included 272 mbu on farm and 816 mbu off farm. The trade was looking for wheat stocks around 1.05 bbu vs 941 million last year. Q3 use was down 38 mbu from last year with 333 million used.
May 24 CBOT Wheat closed at $5.60 1/4, up 12 3/4 cents, currently down 7 1/2 cents
Jul 24 CBOT Wheat closed at $5.75 3/4, up 13 cents, currently down 7 3/4 cents
May 24 KCBT Wheat closed at $5.85 1/4, up 7 cents, currently down 13 3/4 cents
Jul 24 KCBT Wheat closed at $5.79 3/4, up 5 3/4 cents, currently down 13 1/4 cents
May 24 MGEX Wheat closed at $6.45, down 6 cents, currently down 6 1/4 cents
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