Spring Wheat Futures Market News and Commentary
Friday’s double digit selloff flipped the week’s move to net lower across the U.S. wheat futures. Chicago prices were down by 17 to 18 ½ cents on the day. That left May SRW at a net 15c loss for the week. KC wheat futures weakened by 3.2% to 3.9% by Friday’s close, ending 1 ½ cents under last Friday. Spring wheat futures were also double digits lower on the last trade day of the week as May closed a net 3c in the red wk/wk.
CoT data showed managed money funds were closing shorts and adding longs in SRW, reducing their net short by 12k contracts to 56k contracts as of 2/27. The funds were still 42k contracts net short in KC wheat after adding near equal positions to both sides during the week. CFTC data showed spec traders were 1,801 contracts more net short in MGE wheat for the week now at 25,968 contracts.
Russia’s SovEcon has Feb wheat shipments at 3.8 MMT, which is up from 3 MMT last season. The 23/24 total was forecasted at 48.6 MMT, which is below USDA’s 51 MMT fo... Read more