Wheat Trading Monday Morning Higher

So far for the new week of wheat trade, futures are higher in all three classes from 6 to 12 cents. Spring wheats are mainly the strongest mover so far. SRW futures closed the Friday session with 1 1/4 to 3 1/4 cent losses into the weekend. Wheats were trading higher through Friday’s session, led by HRS. KC HRW futures held onto most of their gains by the bell’s toll and went into the weekend 4 1/4 to 6 cents higher. Spring wheat futures ended 8 1/4 to 10 1/4 cents in the black. 

The CFTC’s weekly Commitment of Traders data had managed money as 14,470 contracts net long in CBT wheat futures and options as of 4/19. That was a 2,169 contract weaker net long wk/wk driven by net new spec selling. In KC wheat, managed money firms were 449 contracts more net long on net new buying to 49,841 contracts. The weekly update showed spec traders were also 1,747 contracts more net long wk/wk for spring wheat to 19,867 contracts. 

Planalytics forecasts the U.S. winter wheat yield would be 49.5 bpa with their early outlook. They had the national yield at 49.2 bpa previously, with KS up 0.3 to 44.4 bpa.  

Estimates going into StatsCan’s Planting Intentions report show traders expect to see an average of 24.15m all wheat acres. Durum specific area is estimated at 5.75m. For all Canadian wheat that would be a 2.94% increase in area yr/yr if realized, though with just 220k acres more in durum. 

May 22 CBOT Wheat  closed at $10.65 1/2, down 2 1/2 cents, currently up 7 1/4 cents

Cash SRW Wheat  was $10.09 1/4, down 2 3/4 cents,

Jul  SRW Wheat  closed at $10.75 1/4, down 1 1/4 cents, currently up 7 1/4 cents

May 22 KCBT Wheat  closed at $11.42 3/4, up 5 cents, currently up 9 1/4 cents

Cash HRW Wheat  was $10.99 3/8, up 5 3/4 cents,

Jul  HRW Wheat  closed at $11.49 1/2, up 6 cents, currently up 8 1/4 cents

May 22 MGEX Wheat  closed at $11.60 1/4, up 8 3/4 cents, currently up 10 1/4 cents

Sep 22 MGEX Wheat  closed at $11.51 1/4, up 10 1/4 cents, currently up 10 cents