Wheat futures ended the last trade day of the week with gains. Minneapolis futures were up by as much as a dime, leaving the Dec contract at a net 1 ¼ cent gain for the week’s move. KC futures closed 2 cents in the black on Friday, and Dec was ½ cent above its previous Friday close. Chicago futures also gained on Friday, closing the session 6 ½ to 7 cents higher. For Dec SRW that only limited the week’s net loss to 3 cents.
The CFTC reported managed money added 10,290 new shorts in CBT wheat during the week that ended 10/31. That grew the spec net short to 101,575 contracts. CFTC’s weekly report had managed money selling KC wheat as well through the week, expanding their net short by 3,628 to 32,622 contracts. The spec funds were also net short sellers of MGE wheat during the week, expanding their net short by 3,801 to 28,882 contracts.
Pre-report estimates for U.S. wheat stocks range from a 20 mbu cut to a 26 mbu increase. On average traders are looking for USDA to leave wheat carryout at 670 mbu in next Thursday’s reports. Global wheat stocks are expected to be 300k MT tighter on average at 257.9 MMT.
The Buenos Aires Grain Exchange estimated wheat production for Argentina at 15.4 MMT, an 800k MT cut from their prior estimate – citing damage from frost. Rosario estimates the wheat output at 14.3 MMT.
Dec 23 CBOT Wheat closed at $5.72 1/2, up 7 cents,
Mar 24 CBOT Wheat closed at $5.99 1/4, up 6 1/2 cents,
Cash SRW Wheat was $4.90 1/4, up 6 5/8 cents,
Dec 23 KCBT Wheat closed at $6.43 1/2, up 2 cents,
Cash HRW Wheat was $5.75 5/8, up 2 3/8 cents,
Dec 23 MGEX Wheat closed at $7.21, up 10 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.
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