Wheat Mar '24 (ZWH24)

The wheat complex saw mostly higher trade on Friday. Chicago SRW futures were the lagger, closing moistly within ¼ cent of unchanged, as May was up 9 ¾ cents this week. KC HRW futures posted gains of 3 ¼ to 6 ¼ cents to lead the way, as May was 26 ¼ cents higher on the week. MPLS spring wheat was 1 3/4 to 3 1/4 cents higher on Friday, with May rallying 20 ¼ cents this week.

Despite rains in the SRW country expected in the next week, the majority of the Southern Plains remain relatively dry via NOAA’s 7-day QPF.

Weekly Export Sales from Thursday took the total wheat commitments to 24.252 MMT, up 15% from the same period last year. That is 99% of USDA’s export projection and near the 100% average sales pace. 

Commitment of Traders data showed managed money in CBT wheat at a net short of 2,234 contracts, a reduction of 10,468 contracts over the last week, and the smallest net short since July 2022. In KC wheat, specs were net long 9,705 contracts, a 1,021 contract red... Read more