Friday’s close left the CBT SRW contracts within a half cent of UNCH for the session. May SRW ended the week on a net 3 3/4 cent gain and a 13 1/4 cent loss for the month of March. New crop July SRW printed a 70 1/4 cent range during the month of March. Friday closes for HRW futures were 3 3/4 to 6 1/4 cents higher across the front months. July HRW was up 55 cents for the month. Spring wheat prices rallied 11 to 16 cents on the day, with Sep having gained 39 1/4 cents for the week and 45 cents for the month.
The Commitment of Traders report showed the funds were closing positions in SRW wheat during the week that ended 3/28. The long liquidation offset the short covering and left the group 89,873 contracts net short. In KC wheat, managed money was shown having flipped back to net long via short covering. The group was 237 contracts net long at the Tuesday settle, from a 8,762 contract net short on 3/21. CFTC marked the spring wheat spec traders at 420 contracts net long for 3/28. That was a 3,044 contract swing back to net long via net new buying.
NASS survey data had 946.018 million bushels of wheat supplies on March 1st. That was 985.799 mbu tighter yr/yr with 227.5 still in farmer hands. Last year’s on farm stocks were just 174.4 mbu. Q3 disappearance was 365.8 mbu, compared to 348 mbu last year.
Acreage data from the Prospective Plantings report show 49.855m acres of wheat for 23/24. The winter wheat number was raised by 400k to 37.5 million. KS was raised 600k from the January number. Other Spring wheat intentions were 10.57 million acres, compared to the 10.9m trade average guess. That marked a 2.4% drop yr/yr with MN down by 5.6% and MT 3.7% lower than 22/23. Durum area is intended to be 1.78m acres, up from 1.63m planted during the old crop season.
May 23 CBOT Wheat closed at $6.92 1/4, UNCH,
Jul 23 CBOT Wheat closed at $7.04 1/2, unch,
Cash SRW Wheat was $6.34 5/8, down 2 1/2 cents,
May 23 KCBT Wheat closed at $8.77 3/4, up 6 1/4 cents,
Cash HRW Wheat was $8.43 1/1, up 6 1/8 cents,
May 23 MGEX Wheat closed at $8.95 3/4, up 16 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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