Wheat Mini Futures Market News and Commentary
Wheat futures traded weaker after the weekend. Chicago futures ended the day near their lows with 14 1/4 to 18 cent losses in the front months. KC wheat gave back 9 1/2 to 12 1/2 cents on Monday. Minneapolis prices traded off their lows to close 3 1/4 to 9 1/4 cents weaker. Dec MPLS futures ended 2 3/4 cents in the black.
CFTC’s delayed Commitment of Traders update showed CBT wheat spec traders were 2,705 contracts more net long to 17,963 as of 11/23. In KC wheat, managed money firms added 3.6k new longs to contribute to a 5,049 contract stronger net long of 65,609 contracts. MPLS wheat specs were 15,135 contracts net long as of 11/23, compared to 14.9k last week.
USDA reported 250,651 MT of wheat was inspected for export during the week that ended 11/18. That was up 30% on the week, but still down 53% yr/yr. HRW wheat made up nearly half of the total, with 29.5% as HRS. MYTD wheat exports were reported at 10.753 MMT as of 11/25, compared to 12.939 MMT at the same poin... Read more