Wheat Markets Higher, Partially Offsetting Friday Losses

Domestic wheat futures are 4 to 9 cents higher to begin Monday, with KC HRW the strongest. At the Friday close, SRW futures were 0.6% to 1.3% in the red and March was down by double digits. March SRW was still 5.2% higher from Friday to Friday. HRW futures closed 0.3% to 0.44% weaker on Friday, which for March left the week gain at 6.5%. March MPLS wheat gained 6.6% from Friday to Friday, despite the front months dropping 4 3/4 to 9 cents on Friday. 

FAS Export Sales data showed wheat bookings were 380,645 MT for the week that ended 1/13. USDA reported the week’s exports at 391,370 MT. Accumulated wheat shipments reached 11.7 MMT with another 4.8 MMT of unshipped sales on the books.

CFTC’s weekly Commitment of Traders report showed managed money firms were buying SRW through the week that ended 1/18. That left the group 2,863 contracts less net short at 24,901. For HRW, the weekly data release had managed money 36,119 contracts net long. That was a 25 week low for their net position driven by long liquidation. Spec traders were 3,857 contracts net long in MPLS wheat, a 1,877 weaker net position from the week prior. 

Mar 22 CBOT Wheat  closed at $7.80, down 10 1/4 cents, up 5 ½ this morning

Cash SRW Wheat  was $7.39 ½ on Friday, down 10 1/4 cents,

Mar 22 KCBT Wheat  closed at $7.93 1/4, down 3 1/4 cents, up 9 ¼ this morning

Cash HRW Wheat  was $7.75 7/8 on Friday, down 3 1/4 cents,

Mar 22 MGEX Wheat  closed at $9.36, down 8 3/4 cents, up 3 ¾ this morning