The wheat futures rallied back on Friday with 2% to 4% gains. Chicago futures ended 24 3/4 to 26 3/4 cents higher on Friday, though May stayed 22 cents in the red. KC wheat prices closed 24 1/2 to 28 1/4 cents higher, and the July contract flipped to a net 11 1/2 cent gain for the week. MPLS futures were 16 1/4 to 19 cents higher at the bell.Â
The now current Commitment of Traders report showed managed money funds liquidated 8.5k SRW shorts during the week that ended 3/21. That left the group at a still large 86,500 contract net short. Spec traders were 8,762 contracts net short in KC wheat. That was a 3,970 contract lighter net short also via short covering. Managed money lightened their net short in spring wheat by 1,823 contracts through the week to 2,624.Â
Farm Futures estimates wheat area will total 45.744m acres for 23/24. That would be a 5.6k acre shift yr/yr with a 6.3% lower spring wheat total and a 3.4% increase in winter wheat. The average of 33 analyst estimates compiled by Bloomberg is much larger at 48.9 million acres.Â
May 23 CBOT Wheat  closed at $6.88 1/2, up 26 1/2 cents,
Jul 23 CBOT Wheat  closed at $7.00, up 26 cents,
Cash SRW Wheat  was $6.33 1/8, up 23 7/8 cents,
May 23 KCBT Wheat  closed at $8.48, up 28 1/4 cents,
Cash HRW Wheat  was $8.12 5/8, up 28 1/4 cents,
May 23 MGEX Wheat  closed at $8.57 1/2, up 16 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.
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