Wheat futures are starting off Tuesday in the red, though futures are off their overnight lows. May SRW is down a penny into the day session, after having been down by a nickel. The wheat market faded through the afternoon to close mixed on Monday. Chicago SRW futures ended fractionally mixed but mostly lower. KC Wheat futures were down by 2 ¾ to 4 ¾ cents weaker at the close. The spring wheat futures ended the day 1 ¼ to 2 cents weaker.
Preliminary open interest data for Monday showed active Goldman Roll activity from March to May, with overall OI rising 1,721 contracts in Chicago SRW. KC HRW open interest rose 3,125 contracts on lower prices, some net new selling. Index fund rolling was also active in that commodity.
The weekly Export Inspections update showed 407,476 MT of wheat was shipped during the week that ended 2/8. That was up from 295k MT the week prior and compared to 472k MT during the same week last year. The season’s total exports to date remain 2.58 MMT behind last season with 11.7 MMT shipped.
Mar 24 CBOT Wheat closed at $5.97 1/2, up 3/4 cent, currently down 1/2 cent
May 24 CBOT Wheat closed at $5.99 1/4, UNCH, currently down 1 1/4 cents
Mar 24 KCBT Wheat closed at $5.98 3/4, down 2 3/4 cents, currently down 2 1/4 cents
Mar 24 MGEX Wheat closed at $6.82 1/2, down 1 3/4 cents, currently down 4 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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