Wheat futures bounced back by double digits in some contracts into the weekend. Chicago SRW closed the week with a 39 1/4 cent loss in July after the nickel bounce on Friday. KC wheats were up 10 1/4 to 28 1/2 cents on Friday, limiting July’s pullback to 49 1/4 cents for the week. MGE HRS contracts closed the last trade day of the week 12 3/4 to 19 cents higher, though September was still down by 38 3/4 cents from last Friday.
CFTC reported Chicago wheat spec traders were 113,012 contracts net short on 4/25. That was a 10k contract stronger net short fueled by net new selling. The funds were also adding shorts in KC wheat through the week, reducing their net long by 3..2k contracts to 7,371. The CoT report showed managed money flipped back to net short in Minneapolis wheat, with 1.8k fewer longs in play and 1.7k new shorts added. That had the group sitting at a 3,410 contract net short as of 4/25.
May 23 CBOT Wheat closed at $6.19 3/4, up 5 cents,
Jul 23 CBOT Wheat closed at $6.33 3/4, up 4 1/2 cents,
Cash SRW Wheat was $5.67 1/4, up 5 1/4 cents,
May 23 KCBT Wheat closed at $8.07 1/4, up 28 1/2 cents,
Cash HRW Wheat was $7.40 1/1, up 7 3/4 cents,
May 23 MGEX Wheat closed at $7.88, up 19 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.
/Broadcom%20Inc%20logo%20on%20building-by%20Poetra_%20RH%20via%20Shutterstock.jpg)
/A%20concept%20image%20of%20a%20flying%20car_%20Image%20by%20Phonlamai%20Photo%20via%20Shutterstock_.jpg)
/Nvidia%20logo%20and%20sign%20on%20headquarters%20by%20Michael%20Vi%20via%20Shutterstock.jpg)