Red Wheat Market into Monday Day Session

Wheat prices are trading off their overnight highs and double digits in the red. CBT SRW started with a dime gain, but is now working 12+ cents lower as we roll through Monday morning. After rallying on the Black Sea conflict’s escalations, wheat futures pulled back on Friday with >3% drops into the weekend. Chicago SRW futures closed the day with 24 1/2 to 30 1/4 cent losses on the day. That limited the Dec contract’s weekly gain to 20 3/4 cents. KC wheat futures were down by 25 to 29 cents on Friday. Spring wheat ended the day 22 3/4 to 28 1/2 cents in the red.   

Russia attacked civilian infrastructure around the Ukrainian port of Odessa over the weekend, using attack drones purchased from Iran. 

Weekly Commitment of Traders data had CBT wheat specs reducing their net short through the week that ended 9/20. The short covering left the group 4,683 contracts less net short at 15,703 contracts. In KC wheat, the funds were 2,067 contracts more net long to 19,059 contracts. CFTC data had spring wheat spec traders at 2,369 contracts net long after net new buying flipped the groups net position. 

Pakistan is in the market for 300k MT of wheat. Jordan is also looking for 120k MT of wheat via international tender. 

Dec 22 CBOT Wheat  closed at $8.80 1/2, down 30 1/4 cents, currently down 12 3/4 cents

Mar 23 CBOT Wheat  closed at $8.93 3/4, down 28 1/4 cents, currently down 13 1/4 cents

Cash SRW Wheat  was $8.12 ¾ on Friday, down 31 7/8 cents,

Dec 22 KCBT Wheat  closed at $9.50 1/2, down 29 cents, currently down 8 1/2 cents

Cash HRW Wheat  was $9.08 ¼ on Friday, down 29 cents,

Dec 22 MGEX Wheat  closed at $9.49 1/4, down 28 1/2 cents, currently down 9 cents