Wheat Fades into Weekend

The wheat market ended Friday with losses, led by KC HRW. Futures there dropped double digits on the day, but Marchhad a net 11 cent gain for the week. Chicago wheat closed Friday just 3 cents off the lows on 3-5 cent losses. March was a net 19 1/4 cents higher through the week. Spring wheat futures closed 4 to 9 1/4 cents in the red. 

CFTC’s weekly CoT report showed managed money was 63,004 contracts net short in CBT wheat as of 12/13. That was 378 contracts less net short than the week prior. The funds’ net new selling offset their net new buying in KC wheat, reducing their net long by another 1.1k contracts to 8,540. In Spring wheat, managed money was 874 contracts more net short at 3,922 contracts. 

USDA reported that 468,962 MT of wheat was sold during the week that ended 12/08. Traders anticipated >370k MT pre-report. Unknown destinations were the top buyers for the week. USDA had total commitments at 14.11 MMT (518.5 mbu) as of 12/08. That makes up 66.9% of the WASDE forecast, compared to last year’s 558.9 mbu of commits at 66.5% of the Dec ’21 WASDE. 

Mar 23 CBOT Wheat  closed at $7.53 1/2, down 3 3/4 cents,

May 23 CBOT Wheat  closed at $7.61, down 5 cents,

Cash SRW Wheat  was $6.94 3/4, down 3 1/4 cents,

Mar 23 KCBT Wheat  closed at $8.44, down 16 1/2 cents,

Cash HRW Wheat  was $8.08 1/2, down 16 5/8 cents,

Mar 23 MGEX Wheat  closed at $9.09 1/2, down 9 1/4 cents,