Wheat is showing mostly lower trade in the winter wheat contracts, with spring wheat slightly higher. The wheat complex fell lower on Friday, with contracts down across the three markets. Chicago SRW futures were 5 to 6 cents lower on Friday, as March was 8 ¼ cents in the red on the week. Open interest was down 8,052 contracts on Friday. KC HRW futures were down 7 to 8 cents in most contracts, as March slipped 13 ½ cents last week. OI was down 6,401 contracts. MPLS spring wheat was steady to 2 cents lower, as March was down 8 ¼ cents on the week.
Export Sales data has wheat export commitments at 21.974 MMT, a 17% improvement from last year for the same week. That is now 90% of USDA’s forecast and slightly behind the 91% average pace.
USDA will release updated WASDE data on Tuesday, with a Bloomberg survey showing analysts at an average of 918 mbu for US wheat stocks, down 8 mbu from January if realized.
CFTC data showed a total of 12,988 contracts cut from the spec fund CBT wheat net short position in the week ending on 2/3, with the net short at 81,755 contracts. In KC wheat, managed money showed another 1,485 contracts trimmed from the net short position at 8,844 contracts.
Mar 26 CBOT Wheat closed at $5.29 3/4, down 5 1/2 cents, currently down 3/4 cent
May 26 CBOT Wheat closed at $5.39, down 5 cents, currently down 3/4 cent
Mar 26 KCBT Wheat closed at $5.31 1/4, down 7 1/4 cents, currently down 2 cents
May 26 KCBT Wheat closed at $5.43 1/2, down 7 cents, currently down 2 1/2 cents
Mar 26 MIAX Wheat closed at $5.70, down 1 1/2 cents, currently up 3/4 cent
May 26 MIAX Wheat closed at $5.83 1/2, down 1 3/4 cents, currently up 1/2 cent
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
