Wheat Pit Jul '22 (WN22)

The wheat complex was in rally mode to round out the week. Chicago SRW futures posted 13 to 14 cent gains at the close, with March up 24 ¾ cents on the week. KC HRW futures were 6 to 9 cents higher on Friday, as March rallied 29 ¾ cents this week. MPLS spring wheat was 4 to 5 ½ cents in the green at the close, with the March rally at 15 ½ cents for the week.

Export sales data from this morning showed 287,974 MT of wheat sold in the week of 2/12. That was down 40.99% from last week and a 45.94% drop from the same week last year. The top buyer was Mexico at 59,000 MT, with 55,000 MT sold to the Philippines, and 46,200 MT to the Dominican Republic.

Commitment of Traders data indicated spec funds slashing 17,618 contracts from their net short position in Chicago wheat in the week of 2/17, taking the total position to 68,037 contracts. In KC wheat, they trimmed 8,887 contracts from their net short to 10,609 contracts.

A majority of the US HRW area is expected to be drie... Read more