The wheat market faded on Friday. Chicago prices were fractionally to 8c in the red at the close, leaving the Dec contract at a net 6 ¼ cent gain for the week after a brief peek at $6. KC futures were down by 4 to 6 ¼ cents on Friday, finishing out the week UNCH to fractionally higher. Minneapolis futures closed the day near the session lows with 6 to 8c losses. Dec HRS was up a net 8 ¾ cents from Friday to Friday.
The weekly Commitment of Traders report showed managed money held a 104,407 contract net short in Chicago wheat futures at the 10/17 settle. That was a 72 contract stronger net short as the new selling slightly offset the week’s new spec longs. Managed money was shown with a 26,951 contract net short as of 10/17. That was 1k contracts stronger via net new selling. CFTC had Minneapolis spec traders adding shorts through the week as well. That strengthened the group’s net short by 2k contracts to 25,729.
The International Grains Council raised wheat production by 2 MMT to 785 MMT. Stocks were maintained at 263 MMT.
StoneX estimated the Brazilian wheat crop at 10.5 MMT, a 5.9% decrease from the prior estimate.
Recent rainfall in Australia has private analysts raising the estimated wheat output by 3 MMT to 28 MMT.
Dec 23 CBOT Wheat closed at $5.86, down 8 cents,
Mar 24 CBOT Wheat closed at $6.13 1/2, down 6 1/4 cents,
Cash SRW Wheat was $5.04 1/8, down 6 1/4 cents,
Dec 23 KCBT Wheat closed at $6.70, down 6 1/4 cents,
Cash HRW Wheat was $6.08 5/8, down 5 3/4 cents,
Dec 23 MGEX Wheat closed at $7.30 3/4, down 8 1/4 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.
/A%20Palantir%20sign%20displayed%20on%20an%20office%20building%20by%20Poetra_RH%20via%20Shutterstock.jpg)
