Hard Red Wheat Futures Market News and Commentary
Chicago wheat prices went home 1.3% to 1.4% higher on Friday into the holiday weekend. KC wheat futures ended the Friday session 6 3/4 to 7 3/4 cents in the black, though prices were up by over 20 cents earlier in the day. Minneapolis wheat ended 12 1/2 to 13 3/4 cents higher on the day.
CoT data showed managed money firms were 22,254 contracts net long in SRW. The 4,334 contract net long reduction from 5/17 to 5/24 was primarily long liquidation. In KC wheat, the funds were 2,244 contracts less net long via new short sellers. The group was still 44.5k contracts net long as of Tuesday’s settle. CFTC reported spring wheat speculative traders as 15,231 contracts net long. That was down 2,944 wk/wk on long liquidation.
Interfax estimates Russia’s 22/23 wheat export shipments will be 40 MMT out of an 86 MMT crop. That would be up from the 84.7 MMT crop reaped in 21/22. This export projection is larger than the USDA forecasts of 33 MMT for old crop and 36 MMT for NMY.<... Read more