After Friday’s gains, the wheat markets ended the week mixed within a dime of last Friday. Chicago SRW futures closed up by 5 1/4 to 7 cents on Friday leaving March at a weekly drop of 2 1/4 cents. Kansas City HRW futures closed out 12 1/2 to 16 cents higher, which pushed March to a weekly gain of 4 1/4 cents. Minneapolis spring wheat futures settled 4 1/4 to 8 3/4 cents higher on Friday with a weekly 1/2 cent gain for March and a weekly 4 cent drop for September.
The CoT report showed CBT wheat speculative firms were extending their net short by long liquidation through the week that ended 1/17. That extended their net short by 1,955 contracts to 65,089. KC wheat specs reduced their net short some through the week as the 3.9k new longs outmatched the 3.2k new shorts. The group was still 7,291 contracts net short on 1/17. For MPLS wheat managed money was 2,776 contracts net short, a 72 contract stronger net short via net new selling through the week.
USDA reported the weekly wheat bookings at 473k MT for the week that ended 1/12. That was 500% more than the prior week and was 24% above the same week that ended last year. Mexico and South Korea were the top buyers for the week. The FAS report had accumulated exports at 11.164 MMT (a 4.6% lag yr/yr), which is 53% of the USDA full year forecast.
Mar 23 CBOT Wheat closed at $7.41 1/2, up 7 cents,
May 23 CBOT Wheat closed at $7.49, up 6 1/4 cents,
Cash SRW Wheat was $6.86 3/8, up 7 1/8 cents,
Mar 23 KCBT Wheat closed at $8.48, up 16 cents,
Cash HRW Wheat was $8.13 7/8, up 16 cents,
Mar 23 MGEX Wheat closed at $9.12 3/4, up 8 3/4 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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