Wheat Futures Fall into Weekend

Friday wheat prices settled with double digit losses across the domestic classes. CBT SRW ended the day 2.4% to 2.8% lower for a weekly decline of 36 cents in March. KC HRW futures dropped 17 to 21 cents on the day, for a net loss of 41 1/4 cents on the week. MGE HRS prices closed Friday 12 3/4 to 16 3/4 cents lower, with March having given back 28 1/4 cents from Friday to Friday. 

Weekly CoT data showed CBT wheat speculative traders extended their net short by 666 contracts to 54,068 during the week that ended 11/29. The funds were little changed on net in KC wheat, with +1.5k contracts added on both sides their net long stayed at 17,129 contracts. In MGE wheat, spec traders were 1,429 contracts net short at the 11/29 close. That was 777 contracts more net short via light net new selling. 

Canada’s 22/23 wheat crop is 33.824 MMT according to the StatsCan report. That is down ~900k MT from their September figure and matched the low end of pre-report estimates. In 21/22 Canada produced 22.3 MMT of wheat, hindered by drought, and in 20/21 they harvested 35.44 MMT. Spring wheat specifically was reported at 25.68 MMT, compared to 26.1 MTM previously and 25.9 MMT expected. 

FranceAgriMer reported 99% of their 23/24 wheat crop was planted, including 89% of expected durum ground. The conditions were steady at 98% good / very good. 

Importers in Thailand reportedly booked 123k MT of feed wheat from Australia. Algeria is believed to have purchased 450k MT of optional origin milling wheat after tendering for 500k MT. Reports on the wire show Taiwan purchased 42,750 MT of milling wheat to be sourced from the U.S. 

Dec 22 CBOT Wheat  closed at $7.37 1/4, down 21 1/2 cents,

Mar 23 CBOT Wheat  closed at $7.61, down 22 cents,

Cash SRW Wheat  was $6.89 3/8, down 22 1/8 cents,

Dec 22 KCBT Wheat  closed at $8.82, down 21 cents,

Cash HRW Wheat  was $8.36, down 19 1/2 cents,

Dec 22 MGEX Wheat  closed at $9.39 3/4, down 14 3/4 cents,