The wheat market closed with mixed action on Friday. Contracts in Chicago were steady to 3 cents lower on the day, with July up 75 cents on the month. Kansas City futures were fractionally lower in the nearbys, with other contracts higher. July was up 73 ½ cents on the month. MPLS spring wheat was firm to 2 ¼ cents lower, as July saw a net 35 ½ cent jump over the course of May.
Export Sales data tallied 23/24 wheat export sales at net reductions of 60,870 MT for old crop during the week of 5/23, not uncommon with just over a reporting week left in the MY. Old crop sales need to be shipped by May 31, a quick turnaround unless you’re just looking at destination switches. New crop sales were on the higher end of the 200,000-450,000 MT estimate range at 381,695 MT.
The weekly Commitment of Traders report pegged spec traders in Chicago wheat adding just 838 contracts to their net short position to 25,431 contracts by Tuesday. In Kansas City futures, they cut 7,016 contracts from their short position to just 9,748 contracts as of May 28.
Jul 24 CBOT Wheat closed at $6.78 1/2, down 2 1/2 cents,
Sep 24 CBOT Wheat closed at $6.99 1/2, down 3 cents,
Jul 24 KCBT Wheat closed at $7.08 3/4, down 3/4 cent,
Sep 24 KCBT Wheat closed at $7.23 1/4, down 1/4 cent,
Jul 24 MGEX Wheat closed at $7.39 3/4, down 2 1/4 cents,
Sep 24 MGEX Wheat closed at $7.49 3/4, down 2 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.
