Wheat futures settled the last trade day before Memorial Day with gains across all three classes. Chicago futures led the way with 1.7% to 2% gains in the front months, and flipped to net higher for the week’s move. KC HRW futures closed up by 0.15% to 0.67% in the front months. July contracts were still at a net 5 cent loss for the week. MPLS spring wheat prices closed up as much as 1.55% on Friday. That left July HRS at a 14 cent gain for the week.
Weekly Commitment of Traders data had managed money at a 118,788 contract net short in SRW as of 5/23. That was a 6k contract larger net short for the week. The spec funds subtracted about 500 contracts from both sides, leaving them near 16,621 contracts net long as of 5/23. CFTC reported managed money traders at a 6,402 contract net short in MPLS wheat. that was a 1.6k contract stronger net short through the week.
CME data showed that Chicago wheat totaled 389.5k contracts of open interest across the board as of Thursday’s settle – up from 375.2k last week. In KC wheat futures, there were 186k contracts active from 182k last week.
Jul 23 CBOT Wheat closed at $6.16, up 11 3/4 cents,
Sep 23 CBOT Wheat closed at $6.29 1/2, up 12 1/4 cents,
Cash SRW Wheat was $5.55 1/1, up 11 3/4 cents,
Jul 23 KCBT Wheat closed at $8.19 1/4, up 1 1/4 cents,
Cash HRW Wheat was $7.91 1/4, up 1 1/4 cents,
Jul 23 MGEX Wheat closed at $8.18, up 12 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.
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