Wheat May '20 (ZWK20)
Wheat Futures Market News and Commentary
March wheat options expired on Friday. Chicago SRW futures closed 9 cents lower on Friday, but that didn’t erase the week’s gains as CBT wheat finished 8 1/4 cents higher wk/wk. Kansas City wheat was 5 1/4 cents lower at but gained 2 3/4 cents wk/wk. March HRS futures were 3 1/2 cents lower, which erased most of the week’s progress as futures were 1/2 a cent/bu lower wk/wk. The USDA listed 2020/21 wheat production of 1.836 bbu at their annual Ag Outlook Forum, the lowest level since 06/07 MY. USDA’s estimate for 20/21 ending stocks of 777 mbu, would be the lowest carryout since the 14/15 MY. The CoT report Friday afternoon showed that Chicago wheat spec traders expanded their net long 40.87% wk/wk to 64,715 contracts. Managed money was net long 14,312 HRW contracts as of 02/18. Spring wheat spec traders expanded their net short to an 8-week high 11,891 contracts. USDA’s Export Sales report from the week ending 02/13 indicated 346,290 MT of old crop wheat sales. Wheat shipments from... Read more
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