Wheat Futures Higher in All Three Markets

The domestic wheat markets are 8 to 9 cents higher in all three markets to begin Tuesday’s session. Going into the three day weekend, CBT SRW futures gave back 4 1/2 to 5 1/4 cents on Friday. KC wheat closed with double digit losses of 11 1/4 to 14 3/4 cents. HRS prices ended the day down by as much as 19 1/4 cents. 

The weekly CoT report with data as of 1/11’s settle showed managed money funds were selling into the USDA reports. Spec traders were 7,919 contracts more net short in SRW to 27,7764 contracts. That was the spec’s largest net short position since July of 2020. For KC wheat the funds had closed 10k longs during the week leading into the reports. That left the group 42,674 contracts net long as of the 1/11 close. Spec traders were reported at 5,734 contracts net long for MGE wheat. That was down 3,747 contracts from the previous week on long liquidation. The net long is now the smallest since 2020. 

The Ukraine’s Ag Ministry publicly mentioned they have no intentions of restricting wheat exports later this year. Russia’s Ag Ministry reported their week’s export tax will be $97.50/MT, which is lower than $98.20/MT last week. 

Mar 22 CBOT Wheat  closed at $7.41 1/2, down 5 1/4 cents, up 8 ½ this morning

Cash SRW Wheat  was $7.00 ¼ on Friday, down 5 1/4 cents,

Mar 22 KCBT Wheat  closed at $7.45, down 14 3/4 cents, up 9 ¾ this morning

Cash HRW Wheat  was $7.26 ¼ on Friday, down 14 7/8 cents,

Mar 22 MGEX Wheat  closed at $8.78 1/4, down 17 1/4 cents, up 7 ¾ this morning