Chicago wheat closed 25 3/4 to 30 cents lower across the front months. For May, that was a weekly drop of 54 1/2 cents from Friday to Friday. KC Wheat futures ended the week’s last trade day 20 to 23 cents in the red. For May HRW that was a weekly loss of 60 1/2 cents. Spring wheat futures ended the day with 1.8% to 2.5% losses. May MPLS closed with a weekly loss of 41 cents.
After the ION hacking delays, CFTC released Commitment of Traders data as of the 1/31 settlement – nearly a month old. At the time, managed money was 63,628 contracts net short in Chicago wheat.
USDA reported 338,828 MT of wheat was sold for export during the week that ended 2/16. That was up from 209k MT last week, as a 4-wk high led by sales to the Philippines. By class, the report had 36% of the total sale as HRS with 24% each for white and HRW. Old crop wheat commitments were 16.85 MMT, trailing last year’s 17.98 MMT pace. New crop wheat has 413,461 MT on the books as of 2/16.
The EU Commission took 400k MT off their wheat production estimate, now at 126 MMT, citing the low soil moisture reserves into the growing season. FranceAgriMer rated their 23/24 wheat crop as 95% good/ex.
Mar 23 CBOT Wheat closed at $7.08 1/4, down 30 cents,
May 23 CBOT Wheat closed at $7.21 3/4, down 28 3/4 cents,
Cash SRW Wheat was $6.52 1/4, down 30 cents,
Mar 23 KCBT Wheat closed at $8.41 3/4, down 20 cents,
Cash HRW Wheat was $8.02 5/8, down 21 5/8 cents,
Mar 23 MGEX Wheat closed at $8.85 1/2, down 22 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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