Mixed Friday for Wheat Market

Front month wheat futures stayed firm on the session, mixed. SRW closed with fractional losses to 1 1/4 cent gains. For the week, March was 1/4 of a cent in the black. KC wheat futures went into the 3-day MLK Jr Day break on 7 1/2 to 8 3/4 cent gains helping push March to a weekly gain of 11 3/4 cents. HRS futures closed within 2 cents of UNCH. March HRS settled 10 1/2 cents higher from Friday to Friday. 

CFTC reported Chicago wheat specs at 63,134 contracts net short as of 1/10. That was a 10,419 contract stronger net short wk/wk given net new selling. In KC, managed money firms flipped net short for the first time since August of 2020. Their combined long liquidation and net new selling had the group at 8,023 contracts net short as of 1/10. The funds were 127 contracts less net short in spring wheat, now at 1,574. 

Turkey booked +550k MT of wheat via tender, likely to be sourced via the Black Sea. Japan booked 89,735 MT of wheat from U.S. and Canada. Both South Korea’s MFG and NOFI booked 130k MT of feed wheat via an international tender. 

The IGC reported their Jan wheat estimates for a 796 MMT global crop. That is 5 MMT higher from their December estimate reflecting increases to both Australia and the Ukraine offset by trims to Argentina and Canada. The IGC’s wheat carryout was down by 1 MMT to 281 MMT. 

Mar 23 CBOT Wheat  closed at $7.43 3/4, up 1 cent,

May 23 CBOT Wheat  closed at $7.52, up 1 1/4 cents,

Cash SRW Wheat  was $6.87 3/8, up 1 cent,

Mar 23 KCBT Wheat  closed at $8.43 3/4, up 8 3/4 cents,

Cash HRW Wheat  was $8.09 5/8, up 8 3/4 cents,

Mar 23 MGEX Wheat  closed at $9.12 1/4, down 0 cent,