Wheat Fades on Friday

Wheats fell as the corn, beans, and oats markets worked higher into the weekend. Chicago ended the day down by 2 ½ to 4 cents across the front months. Dec SRW dropped by 9c through the week. KC futures were down by 5 to 11 cents weaker across the front months. That left Dec HRW at a 27 cent loss for the weekly move. MGE futures were 3 ½ to 5 cents weaker on the last trade day of the week. From Friday to Friday the Dec HRS contract fell by 11 cents. 

The weekly Commitment of Traders data had Chicago wheat spec traders on a 92,254 contract net short for 10/24. That came via a 104k contract net short last week with 7.5k new longs and 4.6k fewer shorts during the week. Managed money traders were 2k contracts more net short in KC wheat after net new selling. That put the group on a 28,994 contract net short for 10/24. In spring wheat, the spec funds were 648 contracts less net short to 25k contracts for the week that ended 10/24. 

The European Commission estimates the wheat harvest 200k MT larger than their prior estimate at 125.5 MMT. The Commission also lowered the wheat export forecast by 1 MMT to 31. The adjustments left ending stocks forecasted at 19.1 MMT, from 17.8 MMT in the prior forecast. 

The FranceAgriMer reported winter wheat planting reached 54% as of 10/23. 

Turkey estimates their 23/24 wheat output at 21.8 MMT, a 10.4% increase yr/yr. 

Dec 23 CBOT Wheat  closed at $5.75 1/2, down 4 cents,

Mar 24 CBOT Wheat  closed at $6.02 1/2, down 3 1/2 cents,

Cash SRW Wheat  was $4.94 1/2, down 3 1/2 cents,

Dec 23 KCBT Wheat  closed at $6.43, down 11 3/4 cents,

Cash HRW Wheat  was $5.81 3/4, down 11 3/4 cents,

Dec 23 MGEX Wheat  closed at $7.19 3/4, down 4 1/2 cents,