Spring Wheat Futures Market News and Commentary
Monday wheat trading is starting out on both sides of UNCH, down 2 ½ to up 1 ¾ cents. The wheat complex also fell in the broad grain selloff ahead of the weekend. CBT SRW futures weakened 3.56% to 3.97% on the day. KC HRW wheat futures were down 3.25% to 3.54% at the close. MPLS HRS futures ended the day 3.08% to 3.58% lower. USDA’s Export Sales report showed 329,647 MT of wheat booked on the week ending 1/14. That was on the low end of expectations and down 52% yr/yr. The week’s shipments were 264,007 MT which was a 6 week low. New crop wheat sales are estimated to be below 50,000 MT for the week ending 1/14. The CoT report noted new spec buying for SRW over the week ending 1/19. Managed money was 3,631 contracts more net long to 20,618. For KC wheat, short covering left managed money 58,093 contracts net long as of 1/19. In HRS wheat, managed money was 1,525 contracts more net long at 13,322.
--- provided by Brugler Marketing & Management