Wheat futures are rallying across the three exchanges on Monday morning, double digits in some cases. The wheat complex saw mixed action across the three markets on Friday.Chicago SRW futures were up fractionally to 3 cents on the day, as December was down 26 ¼ cents week. KC HRW posted fractional to 1 cent losses across the board, with Dec dropping 36 cents since last Friday. MPLS spring wheat closed with Dec up ¼ and the rest of the board steady to 1 ¾ cents lower, as December was down 27 ½ cents last week.
Friday afternoon’s Commitment of Traders report showed specs in Chicago wheat futures and options trimming back 4,364 contracts from their net short position as of Tuesday to 25,033 contracts. In KC wheat, they parred back 1,024 contracts from their net short to 17,486 contracts.
Thursday morning’s Export Sales report showed all export commitments for wheat are now 11.093 MMT, which is 28% above the same time last year and a 4-year high. That is 49% of the USDA export projection, with the 5-year average pace at 52%.
Ukraine’s ag ministry pegs the 2024/25 winter wheat planted area dripping 4.5% from their previous number to 11.07 million acres.
Dec 24 CBOT Wheat closed at $5.68 1/2, up 3 cents, currently up 11 3/4 cents
Mar 25 CBOT Wheat closed at $5.87 1/2, up 2 1/2 cents, currently up 11 3/4 cents
Dec 24 KCBT Wheat closed at $5.64, down 1/2 cent, currently up 13 cents
Mar 25 KCBT Wheat closed at $5.77 1/2, down 3/4 cent, currently up 13 1/2 cents
Dec 24 MGEX Wheat closed at $6.08, up 1/4 cent, currently up 8 1/2 cents
Mar 25 MGEX Wheat closed at $6.29 3/4, unch, currently up 7 cents
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