Spring Wheat Futures Market News and Commentary
Friday’s wheat trading session left the board double digits weaker for the weekend. CBT SRW futures were 7 1/4 to 12 cents lower through the Sep ’22 contract, with March having given back 49 3/4 cents during the week. KC futures closed 11 to 18 cents lower on Friday, with March a net 56 cents lower through the week. MPLS futures went into the weekend with 16 3/4 to 21 3/4 cent losses, which for March added to the 31 1/4 cent net loss for the week. March futures traded with a 64 cent range during the week.
The Commitment of Traders report showed managed money funds were 6,200 contracts net long in Chicago wheat on 11/30. That was an 11,763 contract reduction, fueled by long liquidation, compared to the week prior. Commercial SRW traders were 15,625 contracts less net short on a 56,569 contract lighter OI. In KC wheat, CFTC reported spec traders were 62,368 contracts net long. That was only down 3,241 contracts wk/wk. Managed money was only 931 contracts less net long in MGE wh... Read more