Wheat is trading with losses in the three markets so far on Monday morning. The wheat complex gave into weakness on Friday, as a $0.893 gain in the dollar index added some pressure. Chicago SRW futures saw 3 to 4 ¼ cent losses on the day, as March was up 8 ½ cents on the week. Open interest was down 8,280 contracts. KC HRW futures were down 2 to 3 cents at the close, though March held onto a 4 cent gain. OI slipped by 1,333 contracts. MPLS spring wheat closed Friday with 3 to 4 cents losses, as March was up 3 ¼ cents on the week.
Commitment of Traders data from Friday indicated managed money covering some shorts in Chicago wheat futures and options as of 1/27, cutting 15,957 contracts from their net short to 94,743 contracts. In KC wheat, spec traders trimmed 2,689 contracts from their net short position to 10,329 contracts.
Export Sales data shows accumulated wheat sale commitments at 21.595 MMT, which is 18% ahead of the same week last year. That is 88% of USDA’s forecast and in line with the 89% average pace.
Taiwan purchased a total of 106,350 MT of wheat in a tender from the US late last week.
Mar 26 CBOT Wheat closed at $5.38, down 3 1/2 cents, currently down 4 1/4 cents
May 26 CBOT Wheat closed at $5.46, down 4 1/4 cents, currently down 4 1/4 cents
Mar 26 KCBT Wheat closed at $5.44 3/4, down 2 1/4 cents, currently down 4 1/4 cents
May 26 KCBT Wheat closed at $5.55, down 2 3/4 cents, currently down 4 1/2 cents
Mar 26 MIAX Wheat closed at $5.78 1/4, down 3 1/4 cents, currently down 4 3/4 cents
May 26 MIAX Wheat closed at $5.92 1/2, down 3 cents, currently down 5 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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