Wheat prices are starting off Wednesday mostly weaker, but within 2 cents of UNCH across the three domestic classes. Both KC and Chicago wheat traded within 5c ranges overnight. Wheat futures turned red during the day session and ended 5 cents near the lows. SRW futures were down by 12 ¼ to 14 cents. KC ended with 13 ¼ to 14 ¾ cent losses. Spring wheat futures were 7 ¼ to 8 ¾ cents lower at the close.
US all wheat export shipments during the week ending January 11 were shown at just 234,205 MT. That was a decline of more than half vs. the previous week and was 38.1% below the same week last year. Accumulated shipments as measured by USDA/FGIS are still behind last year’s pace, with 10.38 MMT shipped over half way through the MY, compared to 12.43 MMT last year.
Egypt is back in the market, with a GASC tender for March delivery. Results are expected later today. Trade talk has Algeria buying 500-600,000 MT from several origins for April. Japan is seeking 88,000 MT of US or Canadian wheat in their weekly tender.
Commitment of Traders data had Chicago wheat specs closing shorts during the week that ended 1/9. That reduced the group’s net short to 57,988 contracts. Spec traders added 1k new positions in KC, on net reducing their net short by 270 contracts to 34.2k. CFTC data had the funds as net new sellers in MGE wheat during the week, extending their net short to 28,637 contracts.
Mar 24 CBOT Wheat closed at $5.82, down 14 cents, currently up 3/4 cent
May 24 CBOT Wheat closed at $5.96, down 14 cents, currently down 1/2 cent
Mar 24 KCBT Wheat closed at $6.01 1/2, down 13 3/4 cents, currently down 1 cent
Mar 24 MGEX Wheat closed at $6.90 3/4, down 8 3/4 cents, currently down 1 3/4 cents
On the date of publication, Alan Brugler 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
