Wheat Futures Market News and Commentary
The front month wheat futures came back down from midday highs and finished the day mixed. Friday CBOT wheat was 2 1/4 cent higher in May; up 32 cents on the week. HRW futures were down a half penny, but closed 19 3/4 cents higher wk/wk. May MPLS wheat gained 5 3/4 cents on the last trade day of the week, securing a weekly gain of 19 cents/bu. The CoT report with data from March 24 showed that in a bout of short covering, CBOT spec traders were back to net long. Managed money OI in CBOT wheat was down 116,191 contracts over the last 5 weeks. Managed money was 7,950 contracts less net short wk/wk in KC wheat; to 5,356 contracts. MPLS wheat spec traders were less net short wk/wk to 16,307 contracts. Taiwan purchased 99,450 MT of wheat from the U.S. in their international tender. Turkey purchased 175,000 MT of wheat from the Black Sea region.
May 20 CBOT Wheat closed at $5.71 1/4, up 2 1/4 cents,
May 20 KCBT Wheat closed at $4.86 3/4, down 1/2 cent,... Read more