Wheat futures are fractionally to 2 cents lower this morning. The wheat market posted solid gains on the Tuesday session. Chicago SRW contracts were up 5 to 14 ¼ cents at the close. Kansas City HRW futures rallied 9 to 17 1/4 cents higher on declining crop condition ratings. MPLS spring wheat futures were 6 3/4 to 17 1/2 cents higher on the day.
The 7-day QPF from NOAA shows little precip in the Plains over the next week. Much of the crop is starting to head out of dormancy, meaning soil moisture will be at more of a premium. Currently KS subsoil moisture is 22% adequate or surplus, with TX at 30%.
Commitment of Traders data updated as of February 28th showed spec traders increasing their CBT wheat net short position by 19,596 contracts to 91,641 contracts. In KC, they slashed 15,637 contracts from their net long to just 337 contracts as of that date. KC spot futures plunged more than 88 cents per bushel during that long liquidation.
May 23 CBOT Wheat closed at $6.96 1/4, up 11 3/4 cents, currently UNCH
Jul 23 CBOT Wheat closed at $7.06 3/4, up 11 1/4 cents, currently down 1/2 cent
Cash SRW Wheat was $6.44 3/8, up 12 cents,
May 23 KCBT Wheat closed at $8.17 3/4, up 17 1/4 cents, currently down 1/2 cent
Cash HRW Wheat was $7.81 1/4, up 17 1/4 cents,
May 23 MGEX Wheat closed at $8.50, up 17 1/2 cents, currently down 1 cent
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.
/Oracle%20Corp_%20logo%20on%20phone%20and%20stock%20data-by%20Rokas%20Tenys%20via%20Shutterstock.jpg)
/Green%20hydrogen%20by%20Scharfsinn%20via%20Shutterstock.jpg)
/NVIDIA%20Corp%20logo%20on%20phone%20and%20AI%20chip-by%20Below%20the%20Sky%20via%20Shutterstock.jpg)