Spring Wheat May '21 (MWK21)
Spring Wheat Futures Market News and Commentary
At the Friday settle, front month wheat futures were in the black. KC HRW futures gained the most with 4 1/2 to 5 1/2 cents. For May that limited the loss to 7 1/2 cents from Friday to Friday. Spring wheat was higher on the week, up 6 1/2 cents from Friday to Friday. CBT SRW futures go into the weekend with gains of 2 to 2 1/4 cents.
CFTC data showed managed money funds were net buyers of Chicago wheat on the week ending 3/2, extending the group’s net long to 31,803 contracts. In HRW spec funds were net sellers, reducing their net long to 42,173 contracts. The Commitment of Traders report showed managed money was 14,101 contracts net long in spring wheat, up 1,948 on the week.
Monthly Census data showed wheat exports were 1.977 MMT in January. That was up 1.6% from December and was 5.6% above Jan 2020. Official MYTD wheat shipments were 640.9 mbu through Jan, which is 65% of USDA’s forecasted full year total. Yesterday’s weekly data suggest total commitments hit 88.7%... Read more
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