Wheat Trading Follows 3-Day Weekend

Wheat markets are heading into the last trade week of the year, after recognizing Christmas on Monday. The CBoT SRW contracts closed up by double digits, which had March at a net 22 1/2 cent gain for the week. MTD through December, March SRW futures are still down by 19 1/2 cents. KC HRW futures closed Friday up by 8 3/4 to 9 1/4 cents. Spring wheats ended the day 6 to 9 1/2 cents higher. 

USDA’s weekly Export Inspections data was delayed until later this morning. 

CFTC’s weekly CoT report showed managed money funds were closing positions through the week that ended 12/20. The 2.3k fewer longs and 5.9k fewer shorts left the group 59,311 contracts net short at the settle. In KC wheat, the funds were closing longs and adding shorts for a 7,295 weaker net long of just 1,245 contracts. Managed money has been net long in HRW since August of 2020. CFTC reported spring wheat spec traders were 505 contracts more net short to 4,427 contracts. The specs have been net short spring wheat since 11/22. 

Mar 23 CBOT Wheat  closed at $7.76, up 13 3/4 cents, 

May 23 CBOT Wheat  closed at $7.82 1/2, up 12 3/4 cents, 

Cash SRW Wheat  was $7.17 5/8 on Friday, up 13 3/4 cents,

Mar 23 KCBT Wheat  closed at $8.74 3/4, up 8 3/4 cents, 

Cash HRW Wheat  was $8.38 ¼ on Friday, up 8 3/4 cents,

Mar 23 MGEX Wheat  closed at $9.31 3/4, up 9 1/2 cents,