Wheat futures are trading with gains so far into the new week. 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. Preliminary OI showed short covering was behind the CBT rally, dropping 814 contracts. 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. July 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.
May 23 CBOT Wheat closed at $6.47, up 15 1/2 cents, currently up 6 1/4 cents
Jul 23 CBOT Wheat closed at $6.60 1/4, up 15 1/4 cents, currently up 6 1/4 cents
Cash SRW Wheat was $5.99, up 15 1/4 cents,
July 23 KCBT Wheat closed at $8.33, up 34 3/4 cents, currently up 16 3/4 cents
Cash HRW Wheat was $8.03 5/8, up 35 5/8 cents,
July 23 MGEX Wheat closed at $8.36, up 24 cents, currently up 12 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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