Spring Wheat Futures Market News and Commentary
The wheat futures complex was firmly mixed at the close on Friday, with March HRW the largest mover. Front month KC wheat futures closed in the black, with 1 to 4 cent gains. May HRW ended the week 22 3/4 cents above last Friday. Chicago futures were mostly lower at the close, but within 1 1/4 cents of UNCH. For May SRW that limited the week’s gain to 13 3/4 cents. Spring wheat futures also closed mixed on Friday, ending within a penny of UNCH.
The weekly CoT report showed SRW wheat specs extended their net short 5,634 contracts to 13,217 contracts. That came via new selling on the week ending 4/13. SRW commercials were reported at a steady 89,525 contract net short, as new hedges and new commercial buying canceled out. For KC HRW, the CFTC reported managed money was 11,028 contracts net long on 4/13. That was a 3,482 contract reduction to their net long wk/wk. Minneapolis wheat specs extended their net long through the week ending 4/13 to 9,680 contracts.... Read more