Spring Wheat Mar '24 (MWH24)
Spring Wheat Futures Market News and Commentary
The wheat complex is showing mixed trade on Friday. Chicago SRW futures were down 3 ½ to 6 cents higher on the Friday session, with May 27 ¼ cents lower on the week. KC HRW futures were down ¾ to 3 cents on the day, with front month May the lone exception, up ¼ cent.  May fell 25 cents on the week. MPLS spring wheat was 3 ¼ to 6 ¾ ents lower on Friday, with May 35 ¼ cents in the red on the week. Crude oil was down $2.24 on the day, as risk was taken off the table ahead of the US/Iran talks this weekend.
Commitment of Traders data showed CBT wheat specs flipping back to a net short of 5,633 contracts by a move of 14,274 contracts in the week ending on April 7. In KC wheat, managed money was net long 15,608 contracts, a 5,909 contract reduction on the week. MPLS wheat spec funds extended their record net long by 205 contracts to 20,361 contracts.
Export Sales data from Thursday has export sales commitments at 24.441 MMT, a 13% increase yr/yr. That matches the USDA estimate... Read more
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