After overnight strength, the wheat market is trading red through midday. SRW is currently down by 12 ½ to 14 ¾ cents. KC futures are down by 11 to 12 ¼ cents. Midday HRS futures are down by 6 to 8 ½ cents.
Commitment of Traders data had Chicago wheat specs closing shorts during the week that ended 1/9. That reduced the group’s net short to 57,988 contracts. Spec traders added 1k new positions in KC, on net reducing their net short by 270 contracts to 34.2k. CFTC data had the funds as net new sellers in MGE wheat during the week, extending their net short to 28,637 contracts.
Mar 24 CBOT Wheat closed at $5.80 3/4, down 15 1/4 cents,
May 24 CBOT Wheat closed at $5.94 1/2, down 15 1/2 cents,
Mar 24 KCBT Wheat closed at $6.04 1/4, down 11 cents,
Mar 24 MGEX Wheat closed at $6.90 3/4, down 8 3/4 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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