Wheat saw a volatile week with a net 30 ¾ cent range for Chicago futures and a net 35 ¼ cent range for KC. Friday ended with wheat in the black to limit the week’s loss. SRW closed 2% higher on the day and down 2 ½ cents for the week. HRW was 1% to 1.2% higher on Friday for a net weekly pullback of 18 ¼ cents. The March SRW/HRW spread tightened to 13 ½ cents. Friday’s spring wheat trade closed with 11 ¼ to 13 ½ cent gains of as much as 1.9%. March HRS futures finished a net 1 ¼ cents higher for the week.
The weekly CoT report had managed funds with a net 69,529 contract net short as of 12/12. That was a major swing as 36k shorts (26%) evaporated during the week. In KC wheat, the funds had closed 6k shorts weakening their net short to 30,704 contracts. The funds were closing positions on both sides in MGE wheat, with 5.3k fewer contracts in play and a net 123 contract weaker net short during the week ending 12/12.
Japan purchased 102.5k MT of wheat from the U.S. and Canada in a regular tender, of which 68k MT were U.S. specific. is tendering for 102.5k MT of wheat from the U.S. and Canada.
Mar 24 CBOT Wheat closed at $6.29 1/4, up 13 1/2 cents,
May 24 CBOT Wheat closed at $6.39 1/2, up 13 3/4 cents,
Mar 24 KCBT Wheat closed at $6.42 3/4, up 6 1/4 cents,
Mar 24 MGEX Wheat closed at $7.30 3/4, up 13 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.
/Super%20Micro%20Computer%20Inc%20logo%20on%20building-by%20Poetra_RH%20via%20Shutterstock.jpg)
