The wheat complex is showing gains across the front months on Tuesday. Chicago SRW futures are fractionally to 2 cents higher so far. KC HRW futures are trading 4 to 5 ½ cents on Tuesday. MPLS spring wheat is showing fractional gains at midday.
The next 7 day forecast from NOAA shows 1-2 inches expected for much of SRW country, with very little seen for parts of the Southern Plains.
USDA Export Sales data shows all wheat export commitments at 20.108 MMT, an 18% increase from the same week last year. That is 82% of the USDA estimate and slightly behind the 82% average pace.
The last catchup CFTC Commitment of Traders report showed managed money increasing their net short in CBT wheat futures and options as of 12/30 to 94,626 contracts. In KC wheat, spec funds were net short 18,319 contracts last Tuesday, a reduction of 6,430 contracts on that week.
European Commission data shows 11.18 MMT of wheat exports since July 1 through January 4, a 0.17 MMT decline from the same point last year.
Mar 26 CBOT Wheat is at $5.13 3/4, up 1 1/4 cents,
May 26 CBOT Wheat is at $5.24 1/4, up 3/4 cent,
Mar 26 KCBT Wheat is at $5.26 1/4, up 5 1/2 cents,
May 26 KCBT Wheat is at $5.37 3/4, up 4 1/2 cents,
Mar 26 MIAX Wheat is at $5.71 3/4, up 1/2 cent,
May 26 MIAX Wheat is at $5.82 1/4, up 1/2 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.
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