The AM quotes show wheat futures are down 0.3% to 0.5% in spring wheat, but by more than 1% in KC and nearly by 2% in Chicago. Wheat futures limited the damage on Friday with another fractional to 3 cent gains across the U.S. classes. SRW futures were up by 2 ½ to 3 cents on the week, but down by 12 (March) for the week. KC HRW prices ended 2 ¼ to 3 ½ cents in the black. That left the March contract at a net 14c loss for the week. Spring wheat futures were a fractionally mixed at the Friday settle. The march spring wheat contract was a net ¾ cent higher on Friday and a net 11 ½ cents lower for the week.
Weekly CFTC data showed Chicago SRW spec traders were 60.3k net short as of 1/2. That was 718 contracts more net short as the new sellers offset the new buyers for the week. The KC HRW spec traders were closing positions through the week though the long liquidation had offset short covering for a net .4k contract stronger net short of 34,496 contracts. CFTC reported the spec traders at a net 26,732 contract net short as of 1/2; which was 525 contracts less net short through the week on lighter open interest.
Export Sales data from FAS had wheat sales at 131.6k MT for the week that ended 12/28. That was below the range of expectations and was nearly a MY low as the lowest since the week of 6/15. The season’s commitments remain 2% ahead of last year’s pace with 15.27 MMT on the books. USDA does not expect that to continue (per December WASDE), projecting the full year will be 5% below last year.
BAGE estimates the Argentine wheat crop at 15.1 MMT, a 2.7% increase via realized yields.
Mar 24 CBOT Wheat closed at $6.16, up 2 1/2 cents, currently down 11 3/4 cents
May 24 CBOT Wheat closed at $6.27 1/2, up 3 cents, currently down 11 1/4 cents
Mar 24 KCBT Wheat closed at $6.28, up 2 1/4 cents, currently down 7 1/2 cents
Mar 24 MGEX Wheat closed at $7.12, up 3/4 cent, currently down 3 3/4 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.
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