Wheat Prices Close Lower on Friday

The wheat market extended the downside on the week’s last trade day. CBT futures were 2 3/4 to 5 1/2 cents lower at the bell, which left the May contract a net 13 cents lower for the week. At the week’s low, May SRW was the weakest price since September of 2021 for the contract. KC wheat futures were also red on Friday, settling down by 8 to 9 1/2 cents across the front months. Spring wheat futures went into the weekend with Friday losses of 1 1/2 to 3 1/2 cents and a weekly loss of 3 1/2 cents for the Sep contract. 

The latest CFTC report had managed money firms 71,391 contracts net short in SRW and 3,782 contracts net long in HRW as of 2/7. For spring wheat, the spec traders were shown at 295 contracts net short. 

Ahead of Wednesday’s WASDE report analysts anticipate a 5.7 mbu looser wheat carryout for the U.S. and a 2.7 mbu looser global carryout. 

A private analyst in Manitoba foresees Canadian growers switching to more spring wheat acres from oats and pulses. 

Ukraine’s 23/24 spring season is underway, as the Ag Ministry reported 3,500 HA of spring grains were planted. 

Russia’s wheat export tax for the week is set at $302.20/MT.

Mar 23 CBOT Wheat  closed at $6.95 3/4, down 5 1/2 cents,

May 23 CBOT Wheat  closed at $7.08 3/4, down 4 cents,

Cash SRW Wheat  was $6.50 1/8, down 1/2 cent,

Mar 23 KCBT Wheat  closed at $8.22 1/2, down 9 3/4 cents,

Cash HRW Wheat  was $7.80 7/8, down 11 3/4 cents,

Mar 23 MGEX Wheat  closed at $8.68 1/2, up 10 1/4 cents,