Wheat futures are mostly higher so far on Monday. Overnight action led the board mostly higher, with some 9c gains, though current prices are within 2 cents of UNCH. CBT SRW futures were down by 6 to 9 cents at the Friday close. The nearbys finished off their lows by at least 4 cents. May SRW was down by 20 3/4 cents for the week, and is now below the price of May corn – marking only the second time (2012) in history for the front month spread. Preliminary OI shows shorts rolling out of May and into Chicago July contracts as far out as December 2024. KC HRW futures were 10+ cents off their lows at the close, but still mostly lower. May KC wheat closed a half cent in the black for the day, though the other front months were still as much as 3 cents weaker. May HRW futures were down 38 cents for the week. The MPLS spring wheat market ended Friday trading 5 1/2 to 9 1/2 cents in the red. May HRS prices were down by 29 1/4 cents for the week.
Weekly Commitment of Traders data showed net new buying from the SRW spec traders. The group reduced their net short by 1.3k contracts to 102,983 as of 4/18. Managed money funds were 1,362 contracts more net long in KC wheat as well. Their net long was marked at 10,591 contracts as of the Tuesday settle. CFTC confirmed spring wheat spec traders were 38 contracts net long on 18k OI as of 4/18.
Most of Oklahoma is expected to see at least 0.75” of rain between now and Friday, also the case for eastern TX and southern KS. Some eastern OK and TX accumulations could top 3”. Other needy areas will be shorted, and those getting the rain would take more.
May 23 CBOT Wheat closed at $6.61 3/4, down 6 cents, currently up 1/2 cent
Jul 23 CBOT Wheat closed at $6.73, down 7 cents, currently up 1/2 cent
Cash SRW Wheat was $6.06 5/8, down 6 1/2 cents,
May 23 KCBT Wheat closed at $8.40 3/4, up 1/2 cent, currently up 1 3/4 cents
Cash HRW Wheat was $7.95 7/8, down 3/4 cent,
May 23 MGEX Wheat closed at $8.47, down 8 3/4 cents, currently up 5 3/4 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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