Wheat Market Fades into New Week/New Month

To begin the month, wheat prices are mostly 6 to 10 cents weaker across the domestic classes. The May contracts are trading higher as OI washes out with deliveries. Wheat futures bounced back by double digits in some contracts on April 28. 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. 

Deliveries against May CBT wheat totaled 579 contracts, wth Marex and Dorman customers stopping 463 of them. There were no deliveries against KC May. 

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 to 7,371 contracts by April 25. 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, currently up 1/4 cent

Jul 23 CBOT Wheat  closed at $6.33 3/4, up 4 1/2 cents, currently down 7 3/4 cents

Cash SRW Wheat  was $5.67 1/4, up 5 1/4 cents,

Jul 23 KCBT Wheat  closed at $7.74 1/2, up 9 1/4 cents, currently down 9 1/2 cents

Cash HRW Wheat  was $7.40 1/1, up 7 3/4 cents,

Jul 23 MGEX Wheat  closed at $8.03 3/4, up 18 3/4 cents, currently down 9 1/4 cents