The wheat complex rallied into the long weekend with gains across the three markets. Chicago SRW futures were 7 to 8 cents higher on Friday, with March up just ¾ cent from last week. KC HRW futures saw Friday gains of 9 to 10 cents in the nearbys, with March down 3 cents on the week. MPLS spring wheat was up 2 to 3 cents across the front months on Friday, with March down 2 ½ cents this week. The markets will be off on Monday for the Martin Luther King Jr. Day holiday. They will open back up on Monday evening.
The weekly CFTC update via Commitment of Traders data showed managed money trimming just 936 contracts from their net short in CBT wheat futures and options to 106,229 contracts by Tuesday. As of January 13, specs were net short just 12,781 contracts in KC wheat futures and options, a 2,874 contract reduction from the week prior.
Export Sales data is fully updated through January 8, with total wheat commitments at 20.392 MMT, which is 15% above last year. That is also 83% of USDA’s export projection and slightly behind the 85% average pace. Export shipments at 15.465 MMT are now 63% of the USDA estimate and ahead of the 59% average shipping pace.
A South Korean importer purchased 92,300 MT of US wheat in Thursday’s tender.
Mar 26 CBOT Wheat closed at $5.18, up 7 1/2 cents,
May 26 CBOT Wheat closed at $5.28 3/4, up 7 1/4 cents,
Mar 26 KCBT Wheat closed at $5.27 1/4, up 10 cents,
May 26 KCBT Wheat closed at $5.38 1/4, up 9 1/2 cents,
Mar 26 MIAX Wheat closed at $5.65, up 2 1/2 cents,
May 26 MIAX Wheat closed at $5.77 1/2, up 2 1/2 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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