Hard Red Wheat Futures Market News and Commentary
After a week of buying into the data release and seeing a mostly bull-friendly update, wheat futures pulled back into the weekend. Chicago futures went home 9 to 11 cents in the red, but still 29 cents above last Friday’s close. KC HRW futures settled with 3 to 6 ½ cent losses on the day, but held onto a 14 cent gain for the week. Spring wheat futures closed 7 ¾ to 8 ¼ cents in the red. March HRS finished the week with a net ¾ cent loss. The cash average price for wheat from the WASDE report was a dime higher at $7.30.
Commitment of Traders data showed SRW wheat spec traders closed out 21k shorts, reducing their net short to 96,222 contracts. Managed money traders also covered shorts in KC wheat, leaving the group on a 38,858 contract net short as of 12/5. Managed funds were shown with a 26,891 contract net short for MPLS wheat, 2k contracts weaker also via short covering.
USDA reported China booked another 110k MT of SRW via private export sale.
USDA’s December... Read more