AM Wheats Fractionally Mixed, Mostly Higher

Wheats are trading mixed but mostly higher so far across the domestic classes. Overnight the March SRW contract saw a 6 3/4 cent range from -3/4 to +6 cents. The wheat markets sold off into the weekend. Chicago futures ended with 1 3/4 to 3 1/4 cent losses on Friday, leaving the March contract at a net 48 1/2 cent loss for the week. KC wheat futures ended with 5 3/4 to 7 3/4 cent losses on Friday. Spring wheat settled the last trade day of the week down by 1 1/4 to 7 1/4 cents. New crop September MGE wheat gave back 22 3/4 cents on the week and is still a 26 cent discount to the lead month. 

The Commitment of Traders report had managed money funds 52,715 contracts net short in CBT wheat as of 1/03. That was a 3,497 contract weaker net short after short covering through the week. In KC wheat, the funds were 94 contracts less net long to 1,757 as of 1/03. Spring wheat spec traders were 468 contracts less net short to 2,831 contracts. 

Trade ideas for Dec 1 US wheat stocks are averaging 1.344 billion bushels according to one major wire survey. Last year’s total was 1.378 billion. 

USDA’s Export Sales report had 47,142 MT of wheat sales for the week that ended 12/29. That was a MY low, but was only 3% less than the same holiday week last year. Shipments were also a MY low for the week, with just 81.5k MT exported. Accumulated shipments were tallied at 10.662 MMT.

Mar 23 CBOT Wheat  closed at $7.43 1/2, down 3 1/4 cents, currently up 1/2 cent

May 23 CBOT Wheat  closed at $7.51 1/2, down 3 1/4 cents, currently up 1/2 cent

Cash SRW Wheat  was $6.84 1/8, down 3 1/4 cents,

Mar 23 KCBT Wheat  closed at $8.32, down 7 3/4 cents, currently down 1/2 cent

Cash HRW Wheat  was $7.97 3/4, down 8 cents,

Mar 23 MGEX Wheat  closed at $9.01 3/4, down 7 1/4 cents, currently UNCH