Overnight gains have morning wheat prices 7 cents higher in SRW, and up 2 to 3 ½ in the hard red classes leading off Monday. Chicago wheat strengthened on Friday, helped by the +10mbu export forecast revision from the WASDE and the majority of the export business in the week’s FAS Export Sales data. At the close front month SRW futures were fractionally to 8 ¼ cents higher, leaving the Dec contract on an 11 ¾ cent gain for the week. KC futures finished Friday with 4 to 6c losses, as Dec was a net 4 ¼ cents lower Fri/Fri. Minneapolis futures closed 1 ¼ to 3 cents in the red on the week’s last trade day.
CFTC’s weekly CoT update showed spec funds were 5.5k contracts more net short in Chicago wheat to 104k as of 10/10. That was their strongest net short on a Tuesday since mid-June. The funds were 2k contracts more net short in KC wheat, to 25,870 contracts as of 10/10. Minneapolis wheat spec traders were shown with a 23,506 contract net short after opening 2k new short contracts for the week.
The weekly Export Sales report showed 651,964 MT of wheat sold during the week that ended 10/5. That was above estimates and made up of 304k MT of SRW, 150k HRW, and 105k MT of white. Total wheat commitments were 10.09 MMT.
Dec 23 CBOT Wheat closed at $5.79 3/4, up 8 1/4 cents, currently up 7 1/4 cents
Mar 24 CBOT Wheat closed at $6.06 1/4, up 4 3/4 cents, currently up 7 cents
Cash SRW Wheat was $4.98 3/4, up 8 3/8 cents,
Dec 23 KCBT Wheat closed at $6.69, down 6 cents, currently up 3 1/2 cents
Cash HRW Wheat was $6.07 1/2, down 6 cents,
Dec 23 MGEX Wheat closed at $7.22, down 1 1/2 cents, currently up 3 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.
