Wheat is trading with losses across the front months on Monday AM, despite higher overnight action. The wheat complex faced pressure across the three markets on Friday. Chicago SRW futures were 12 to 13 1/2 cents lower, as May fell 18 ½ cents. KC HRW futures were 21 to 21 1/2 cents in the red at the close, with May down 23 ¾ for the week. MPLS spring wheat was down 10 ¾ to 15 3/4 cents in the front months, as May slipped back 17 ½ cents from last Friday.
Early on Monday morning, President Trump put out a Truth Social post ordering the military to postpone strikes against Iranian power plants and energy infrastructure for 5 days after weekend talks were “good and productive.” Iran state media responded stating there was no direct or indirect contact with the President. Oil is down $6.51 this morning.
CFTC data from Friday afternoon showed a total of 9,643 contracts trimmed from the CBT wheat spec net short position as of Tuesday. A mix of new longs and fewer shorts took the net short to 12,702 contracts. In KC wheat futures and options, managed money increased their net long by just 1,301 contracts to 10,729 contracts.
USDA’s Export Sales data has wheat export commitments at 23.853 MMT, which is up 14% from last year. That is also 97% of the USDA export projection at 900 mbu and behind the 99% average sales pace. Shipment data is running ahead of schedule, at 19.279 MMT, which is 78% of USDA’s number vs. the 76% average pace.
FranceAgriMer estimates the country’s wheat crop at 84% good/excellent, steady with last week, as durum was also steady at 81%.
May 26 CBOT Wheat closed at $5.95 1/4, down 12 3/4 cents, currently down 6 cents
Jul 26 CBOT Wheat closed at $6.07 1/4, down 12 1/4 cents, currently down 5 1/4 cents
May 26 KCBT Wheat closed at $6.06 1/4, down 21 cents, currently down 5 1/2 cents
Jul 26 KCBT Wheat closed at $6.21 1/4, down 21 cents, currently down 4 1/4 cents
May 26 MIAX Wheat closed at $6.28, down 15 3/4 cents, currently down 2 cents
Jul 26 MIAX Wheat closed at $6.42 3/4, down 15 3/4 cents, currently down 1 3/4 cents
On the date of publication, Austin Schroeder 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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