Friday’s session ended just a nickel off the highs for most front month wheat futures. The CBT SRW market was up by 13 1/2 to 15 1/2 cents on the day. KC Wheat futures closed with 27 1/2 to 34 3/4 cent gains. MPLS spring wheat futures were up 19 1/2 to 24 1/4 cents. Julyt KC wheat led the market for the week’s rally, up by 56 cents from last Friday’s settle.
Weekly CoT data showed net new selling from the SRW speculative traders. The 13.9k new shorts left the managed money at 126,324 contracts net short as of 5/2. Net new selling through the week pushed the funds back into net short territory for KC wheat. The group flipped 12.8k contracts to 5,464 net short. Spec traders were closing existing longs and adding new shorts for MPLS wheat during the week that ended 5/2. CFTC had the managed money at an 8,206 contract net short.
The UN’s FAO expects the 2023/24 wheat crop at 139.5 MMT for the EU – citing April rains. They had the world total output at 785 MMT for 23/24 and old crop ending stocks at 309.7.
May 23 CBOT Wheat closed at $6.47, up 15 1/2 cents,
Jul 23 CBOT Wheat closed at $6.60 1/4, up 15 1/4 cents,
Cash SRW Wheat was $5.99, up 15 1/4 cents,
May 23 KCBT Wheat closed at $8.79 3/4, up 34 3/4 cents,
Cash HRW Wheat was $8.03 5/8, up 35 5/8 cents,
May 23 MGEX Wheat closed at $8.21 1/2, up 23 1/2 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.
/Amazon%20-%20Image%20by%20bluestork%20via%20Shutterstock.jpg)
/Micron%20Technology%20Inc_logo%20and%20website-by%20Mojahid%20Mottakin%20via%20Shutterstock.jpg)
/Salesforce%20Inc%20HQ%20building-by%20JHVEPhoto%20via%20Shutterstock.jpg)
