SRW futures closed the last trade day of the week with 1 3/4 to 2 3/4 cent losses. The hard red wheats extended their premiums as KC rallied 1 3/4 to 5 cents on the day and MPLS gained 1 1/2 to 3 1/2 cents. HRW is now a $1.19 1/4 premium to SRW in the March contract and a 93 1/4 cent premium for new crop. MPLS spring wheat went home at a 52 1/4 cent premium to the March HRW price.Â
CFTC’s weekly Commitment of Traders report showed Chicago wheat specs were selling 8.4k contracts short through the week that ended 11/24. That expanded the group’s net short to 73,933 contracts – the most since 2018 when the group peaked at 83,502 contracts net short. In KC wheat, the weekly update showed the funds were 459 contracts less net short as of Tuesday, given slightly more new buyers than new spec sellers. The managed money funds were adding to both sides in MPLS wheat too, but were 135 contracts more net short from Tuesday to Tuesday.Â
USDA’s Ag Attaché expects Australia’s wheat crop will be 37 MMT even compared to the official WASDE forecast of 36.6 MMT.Â
SovEcon expects the 2023 wheat crop to be 18.2 MMT out of Ukraine, which is 600k MT above their prior estimate given rainfall.Â
Mar 23 CBOT Wheat  closed at $7.50, down 2 1/2 cents,
May 23 CBOT Wheat  closed at $7.58 3/4, down 1 3/4 cents,
Cash SRW Wheat  was $6.96 7/8, down 2 1/2 cents,
Mar 23 KCBT Wheat  closed at $8.69 1/4, up 4 1/2 cents,
Cash HRW Wheat  was $8.34 1/8, up 4 1/2 cents,
Mar 23 MGEX Wheat  closed at $9.21 1/2, up 3 1/2 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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