~30 Cent Losses in Friday Wheat

The wheat futures market ended the day with +3% losses on the day and closed near the session’s lows. CBT futures were 22 1/2 to 32 1/4 cents lower, with December flipping red for the week closing the week on a 2.3% loss. KC futures settled Friday 22 1/4 to 30 cents lower, with December HRW ending the week down by 16 1/2 cents. MGE wheat prices were 1.9% to 2.5% lower on Friday and December settled net red by 1.4% from Friday to Friday. 

Weekly CFTC data showed the managed money wheat traders were selling SRW through the week that ended 10/8. The 7.5k new shorts left the group at a 19.5k contract net short. In the hard red wheats the funds were closing shorts. For KC wheat that left the group 877 contracts more net long to 26,508, and in MPLS wheat that left the group 328 contracts more net long at 4,116. 

USDA reported 212k MT of wheat was sold for export during the week that ended 10/6. That was down from 229k MT last week and from 567k MT during the same week last year. Wheat commitments trail last years sluggish pace by an additional 4% at 11.127 MMT. That is the slowest commitment pace through the first 19 weeks of the season since USDA began reporting in 1990. Recall the Wednesday WASDE had the season’s total wheat export forecast at the lowest since 1971/72. 

The Ukrainian Ag Ministry showed the 3.7 MMT of wheat exports for the year trail last season’s pace by 63%. All grain exports out of Ukraine are down by 36% yr/yr through 10/12. France has planted 21% of their 23/24 wheat crop through 10/10, which is up from 3% last week and compares to 11% at the same time last year – FrancAgriMer. 

Dec 22 CBOT Wheat  closed at $8.59 3/4, down 32 1/2 cents,

Mar 23 CBOT Wheat  closed at $8.77, down 31 1/2 cents,

Cash SRW Wheat  was $7.94 3/8, down 32 1/2 cents,

Dec 22 KCBT Wheat  closed at $9.52 1/4, down 30 cents,

Cash HRW Wheat  was $9.11 5/8, down 29 3/4 cents,

Dec 22 MGEX Wheat  closed at $9.54 1/4, down 24 3/4 cents,