Wheat Closes the Week with Weakness
The wheat complex posted losses on the Friday session. Chicago SRW futures were down 3 to 5 cents in the nearbys on the day, with March up 23 ¼ cents on the week. KC HRW futures were 2 to 4 cents lower in the front months, as March rallied 25 cents this week. MPLS spring wheat was just fractionally in the red on the day, with March up 12 ¼ cents from last Friday.
The large managed money specs in CBT wheat futures and options were slashing 20,340 contracts from their net short as of February 4, taking the net position to -90,442 contracts. In KC wheat, they trimmed back 6,405 contracts to a net short of 35,981 contracts.
USDA Export Sales data shows the marketing year sales total at 18.768 MMT, a 8% increase from the same period last year. That is 81% of USDA’s export projection, behind the 90% average pace.
Stats Canada data showed all wheat stocks at 24.481 MMT as of December 31, up 0.9% from last year. Wheat excluding durum was tallied at 20.865 MMT, down 0.9% from the end of 2023.
Mar 25 CBOT Wheat closed at $5.82 3/4, down 5 cents,
May 25 CBOT Wheat closed at $5.95 1/2, down 3 1/4 cents,
Mar 25 KCBT Wheat closed at $6.04 1/4, down 3 1/4 cents,
May 25 KCBT Wheat closed at $6.13 3/4, down 2 1/2 cents,
Mar 25 MGEX Wheat closed at $6.27 3/4, down 3/4 cent,
May 25 MGEX Wheat closed at $6.37 3/4, down 1/4 cent,
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.