Wheat Futures Market News and Commentary
At the closing bell on Friday, wheat futures were still up by double digits. CBT futures closed 8 3/4 to 10 cents higher, which for May completed a 31 3/4 cent move for the week. KC HRW futures go into the weekend with 10 to 10 1/2 cent gains, increasing the week’s move to 23 1/4 cents for May. MGE futures ended Friday 11 1/4 to 13 3/4 cents higher.
After the close, the weekly CoT report showed managed money funds were net short 7,583 contracts SRW wheat on 4/6. The report showed spec trader short covering through the week. In KC wheat, managed money reduced their net long 7,212 contracts, via new selling, to 14,510 contracts. CFTC data showed long liquidation from spring wheat spec traders, leaving the group 5,483 contracts net long.
USDA raised domestic wheat carryout by 16 mbu to 852 mbu. The average trade guess was to see a 10 mbu increase. Exports were left UNCH, but USDA shifted 5 mbu of HRW to white wheat. The carryout increase came by a 25 mbu re... Read more