Wheat prices are starting off your Monday morning with 2 to 5 cent losses across the U.S. classes. Front month wheat futures were double digits higher going into the weekend. The session ended with 6 to 10 ¾ cent gains on Friday. KC wheat futures were 13 ¼ to 14 cents higher at the close. MGE spring wheat futures were 8 cents firmer.
CME reported 14 March SRW delivery notices were issued on Friday, bringing the month-to-date total to 1,352. There were none for KC wheat, still at 66 contracts for the monthly running total.
CFTC’s weekly CoT data had Chicago wheat specs adding more net shorts through the week. That grew their net short back to 65.5k contracts. The funds were slightly less net short in KC for the week. Spring wheat spec traders were shown with a 24,138 contract net short – an 1,830 contract weaker net position for the week.
USDA trimmed expected US wheat exports by 15 mbu to 710 mbu in the monthly S&D update. That was added to carryout. World stocks were tightened.
Stats Canada is expected to release a planting intentions report this morning for 2024. Farmer survey responses to a Reuters query for All Wheat averaged 26.7 million acres, down slightly from 27.03 last year.
Mar 24 CBOT Wheat closed at $5.26 3/4, up 6 cents, currently up 6 cents
May 24 CBOT Wheat closed at $5.37 3/4, up 9 1/4 cents, currently down 2 3/4 cents
May 24 KCBT Wheat closed at $5.88 3/4, up 14 cents, currently down 5 1/4 cents
May 24 MGEX Wheat closed at $6.62 3/4, up 8 cents, currently down 1 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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