Wheat Posts Week-End Bounce on Friday

The wheat complex saw a rebound on Friday following a week of losses and holding above the August lows. Chicago SRW futures were up 5 to 8 1/2 cents across the board on the day, as December was down 6.3% this week. KC HRW contracts posted gains of 4 1/2 to 8 1/2 cents on the day, with December down 4.3% since last Friday. MPLS spring wheat was up 3 to 5 3/4 cents on the session, as December fell 4.27% on the week. 

The USDA’s weekly Export Sales report showed all wheat bookings improving slightly to 380,056 MT in the week of November 7. That was in the middle of the 250,000 to 550,000 MT range of estimates, and up 1.42% from last week. South Korea was the buyer of 89,100 T, with Japan purchasing 70,600 MT.

Commitment of Traders data showed CBT wheat speculators as increasing their net short position by 14,526 contracts to 45,307 contracts as of last Tuesday. In KC wheat, managed money was adding 11,018 contracts to their net short at 25,098 contracts.

French milling futures were on the rise overnight, providing some spillover support to the US markets. The French soft wheat crop was reported at 78% planted according to FranceAgriMer, now 5 percentage points behind normal. 

Dec 24 CBOT Wheat  closed at $5.36 1/2, up 6 1/4 cents,

Mar 25 CBOT Wheat  closed at $5.54, up 5 3/4 cents,

Dec 24 KCBT Wheat  closed at $5.40, up 7 cents,

Mar 25 KCBT Wheat  closed at $5.52 1/4, up 5 1/2 cents,

Dec 24 MGEX Wheat  closed at $5.72 1/4, up 5 3/4 cents,

Mar 25 MGEX Wheat  closed at $5.91 1/4, up 5 1/2 cents,