Overnight buying has wheat futures as much as 5 cents higher moving into the Friday day session. Wheat ended Thursday with losses, led by the CBT SRW market. Chicago futures closed down by as much as 5 3/4 cents across the front months, though May was 7 1/2 cents off its low for the day. KC wheat prices ended the session UNCH to 2 3/4 cents lower. Front month spring wheat prices settled 2 to 4 cents in the red on Thursday.
The latest CoT report had CBT SRW spec traders sitting on a 100,636 contract net short as of 3/7. That was a 9k contract stronger net short through the week. Managed money firms had flipped back to net short in KC wheat and MPLS wheat through the week that. For HRW that left the specs at a 10,420 contract net short and HRS spec traders were 3,514 contracts net short.
USDA’s weekly Export Sales report showed 336,672 MT of wheat was sold for export during the week that ended 3/9. That was up 26% for the week, and was 130% above the same week last year. Philippines was the top buyer with 122k MT for the week. The weekly data had 17.738 MMT of old crop wheat commitments as of 3/9. That is still 5.3% behind last year’s pace, but the lag was 7.6% back in December. USDA also reported 155,900 MT of new crop wheat sales for the week, which was above pre-report estimates and set the forward book at 656k MT. This season’s forward sales were 1 MMT as of 3/9 last year.
The International Grains Council raised their expected old crop production by 5 MMT from Feb to 801 MMT. That lifted their expected old crop carryover by 4 to 286 MMT. Their initial new crop global numbers have a 787 MMT crop and a 279 MMT carryout.
Egypt’s GASC reportedly booked 120k MT of Ukrainian wheat via tender, for delivery late April.
May 23 CBOT Wheat closed at $6.99, down 3 3/4 cents, currently up 3 1/2 cents
Jul 23 CBOT Wheat closed at $7.09, down 4 cents, currently up 3 cents
Cash SRW Wheat was $6.45 1/4, down 3 3/4 cents,
May 23 KCBT Wheat closed at $8.19 3/4, unch, currently up 5 cents
Cash HRW Wheat was $7.81 1/4, down 1/4 cent,
May 23 MGEX Wheat closed at $8.49, down 3 1/2 cents, currently up 2 1/4 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.
/Tesla%20Inc%20tesla%20by-%20Iv-olga%20via%20Shutterstock(1).jpg)
/Apple%20logo%20-%20by%20Pexels%20via%20Pixabay.jpg)
/Netflix%20on%20tv%20with%20remote%20by%20freestocks%20via%20Unsplash.jpg)