Wheat Closes Friday Lower, but Well Off the Lows

The wheat complex saw some buying off the early lows on Friday but still faced weakness at the final bell. Chicago SRW was down 1 to 3 ¾ cents on the day, with December falling back 11 cents on the week. KC HRW futures were 1 to 5 ¾ cents lower at the close, with December dropping 21 ¾ cents since last Friday. MPLS spring wheat was 6 ¾ to 8 ¾ cents in the red, with December down 27 ¾ cents this week.

Several middle eastern countries including Turkey, Egypt and India are in talks over the Black Sea and safe shipment. Nothing has been set, while attacks on energy infrastructure have yet to come to a stop.

Spec funds in Chicago wheat futures and options were increasing their net short as of September 22, a move of 8,968 contracts to a new net short of 13,144 contracts. Managed money in KC wheat was trimming 4,015 contracts from their net long to 41,743 contracts.

USDA’s Export Sales data has the US wheat sales commitments at 9.449 MMT, down 31% from last year. That was 45% of the USDA export projection, with the average sales pace at 54%.  

The next 7 days shows 2 to 4 inches of rain expected from the Panhandle of TX to NE, according to NOAA’s 7-day QPF. That adds much needed soil moisture to some dry areas but does slow planting progress.

Dec 26 CBOT Wheat  closed at $7.03 1/4, down 3 3/4 cents,

Mar 27 CBOT Wheat  closed at $7.18 1/4, down 3 1/4 cents,

Dec 26 KCBT Wheat  closed at $7.62, down 5 cents,

Mar 27 KCBT Wheat  closed at $7.74, down 5 1/2 cents,

Dec 26 MIAX Wheat  closed at $7.14 1/2, down 6 3/4 cents,

Mar 27 MIAX Wheat  closed at $7.34 3/4, down 7 1/2 cents,

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